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FOREX: Single Currency Underperforming, EURJPY Back Below 159.00

FOREX
USCEEMEABulletMarketsForeign Exchange BulletsNorth America
  • The Euro is standing out as one of the weakest G10 performers on Monday, as fleeting efforts back above 1.0250 have been met with strong supply for now. The 1.2% selloff places it among its higher beta peers (AUD a& NZD), while the Canadian dollar has actually shown some relative resilience throughout the European morning.
  • US Administration discussions with officials today will likely be the primary driver for greenback sentiment, although the opening gap lower and extension to fresh cycle lows for EURUSD today highlights a resumption of the technical downtrend. Attention is on 1.0138, the 1.764 projection of the Sep 25 - Oct 23 - Nov 5 price swing, a level closely matching the overnight low, traded shortly after the Wellington open in illiquid market conditions. Clearance of this level would open 1.0031, the 2.00 projection. Initial resistance points are at 1.0308 and 1.0362, last Friday’s close.
  • Recovery highs for EURJPY remained well short of the 160.00 mark overnight, which remains a key pivot point for the pair. Price action since the open confirms a resumption of the bear leg that started Dec 30 last year. An important retracement point at 158.24, the 76.4% of the Dec 3 - 30 bull cycle, has also been pierced. A clear break of this level would signal scope for an extension towards 156.18, the Dec 3 low.
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  • The Euro is standing out as one of the weakest G10 performers on Monday, as fleeting efforts back above 1.0250 have been met with strong supply for now. The 1.2% selloff places it among its higher beta peers (AUD a& NZD), while the Canadian dollar has actually shown some relative resilience throughout the European morning.
  • US Administration discussions with officials today will likely be the primary driver for greenback sentiment, although the opening gap lower and extension to fresh cycle lows for EURUSD today highlights a resumption of the technical downtrend. Attention is on 1.0138, the 1.764 projection of the Sep 25 - Oct 23 - Nov 5 price swing, a level closely matching the overnight low, traded shortly after the Wellington open in illiquid market conditions. Clearance of this level would open 1.0031, the 2.00 projection. Initial resistance points are at 1.0308 and 1.0362, last Friday’s close.
  • Recovery highs for EURJPY remained well short of the 160.00 mark overnight, which remains a key pivot point for the pair. Price action since the open confirms a resumption of the bear leg that started Dec 30 last year. An important retracement point at 158.24, the 76.4% of the Dec 3 - 30 bull cycle, has also been pierced. A clear break of this level would signal scope for an extension towards 156.18, the Dec 3 low.