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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
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TECHS: Price Signal Summary - EURGBP Corrective Bounce
- E-mini S&P futures are softer this morning however the underlying uptrend remains intact. This follows this week's breach of resistance at 3824.50, Jan 8 high that opens 3900.00 next. Key s/t trend support is 3740.50.
- In FX, EURGBP remains bearish but is firmer today. This week's key development has been the breach of 0.8867 and 0.8861, the Nov 23 and Nov 11 lows. Resistance to watch is 0.8925, Jan 18 high
- EURUSD maintains a bearish short-term theme despite this week's recovery. Levels to watch are:
- Support at 1.2054, Jan 18 low and trigger for 1.2011, Sep 1 high.
- Resistance is at 1.2230, Jan 11 high.
- USDJPY remains below the bear channel top drawn off the Mar 24 high that intersects at 104.06 today. A break is required to signal a reversal.
- This week's move lower has exposed 103.28 and 103.02, 61.8% and 76.4 % of the Jan 6 - 11 rally.
- On the commodity front, Gold is firmer and Wednesday's rally signals a potential reversal of the recent Jan 6 - 18 sell-off. Price has tested the 20- and 50-day EMAs where a clear break would open $1900.3, 76.4% of the Jan 6 - 11 rally. Clearance of support at $1832.6, Jan 20 low would expose recent lows. Oil contracts remain above support. Brent (H1) support to watch is at $53.97, the 20-day EMA and WTI (H1) support is $51.81, Jan 19 low.
- In the FI space:
- Key support is Bunds (H1) is 176.34, Jan 12 low.
- Gilts (H1) resistance is 134.50/62, the 20- and 50-day EMAs. The outlook is bearish below this zone.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.