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Retains Buoyant Feel, Needs Break of $1.1900/20 to Boost Upside Potential.

EUR
MNI (London)
  • Release of weaker than forecast US Retail Sales data Tuesday edged EUR/USD to an extended high of $1.1894 but momentum quickly faded.
  • Rate eased to $1.1857 then settled around $1.1865 into the close.
  • Asian traders suggest that leverage and option related accounts have interest to sell into rallies which is expected to make upside progress toward $1.1900 difficult. However, USD is seen to remain on the back foot.
  • Above $1.1900 exposes the falling trend line, drawn off the Sep1 high, which comes in at $1.1907. Through here and the recent high at $1.1920 moves into view($1.1923 78.6% $1.2011-1.1603).
  • Support remains at $1.1850/40.
  • EZ Final CPI at 1000GMT. ECB Enria speaks at 0815GMT, ECB McCaul at 1030GMT
  • US Housing data at 1330GMT. Fed Evans speaks at 1500GMT, Williams at 1715GMT, Bullard at 1820GMT.
  • MNI Techs: EURUSD maintains a firmer tone as the pair extends the recovery from the Nov 11 low of 1.1746. The move lower between Nov 9 - 11 is considered a correction and a bullish theme has been reinforced following the recent breach of 1.1881, Oct 21 high. Break higher opens 1.2011, Sep 1 high with the immediate bull trigger at 1.1920, Nov 9 high. On the downside, initial firm support to watch is at 1.1746.
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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