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Recovery Falters at $1.2100 in Asia

EUR
MNI (London)
  • The corrective pullback away from Thursday's high of $1.2243 extended to a low of $1.2062, with demand at the 1600GMT month-end fix only providing a mild counter.
  • The passage of the $1.9tln US fiscal stimulus bill through the House provided for a risk on feel into the Asia open, provided a boost for equities and lifted EUR/USD up to $1.2101 before momentum faltered.
  • Rate drifted off to $1.2075 before meeting mild demand ahead of the European open, with rate trading around $1.2087 at writing.
  • Resistance remains at and above $1.2100, a clear of $1.2105 to expose $1.2130 ahead of $1.2150/55. Support $1.2067/62($1.2063 61.8% $1.1952-1.2243) a break to open a deeper move toward $1.2025/20($1.2023 Feb17 low-see MNI Techs below, $1.2021 76.4% 1.1952-1.2243).
  • Germany state CPI releases begin with Saxony at 0800GMT, pan German CPI 1300GMT, viewed with interest ahead of flash EZ CPI Tuesday. Final Mfg PMI's released through the morning, EZ at 0900GMT. ECB Panetta speaks at 1340GMT, Guindos, Makhlouf and Villeroy 1520GMT. Lagarde speaks at 1610GMT.
  • Fed Williams speaks at 1400GMT, Bostic(hawk), Mester(non-voter, hawk), Kashkari(non-voter, dove) at 1900GMT.
  • MNI Techs: After hitting multi-week highs of $1.2243 Thursday, the single currency reversed course Friday and closed near session lows. Friday's price pattern in candle terms is a bearish engulfing and highlights the possibility of a deeper short-term pullback. Attention turns to support at $1.2023, Feb 17 low. A break would again be bearish and expose $1.1952, Feb 5 low. Key resistance has been defined at $1.2243.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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