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US Fiscal Agreement Hopes Keeps Risk/EUR-USD Buoyed

EUR
MNI (London)
  • Extended recovery highs to $1.2088 in European morning trade Wednesday before it drifted off to $1.2040 into early NY trade.
  • Risk was given a lift as headlines suggested Republicans and Democrats looking to hammer out a fiscal plan over this weekend.
  • Upside momentum picked up ahead of the 1600GMT fix, rate touching $1.2108 before easing to $1.2076 through the fix.
  • Fresh demand emerged into the NY afternoon which allowed EUR/USD to extend rise to $1.2119 into the close.
  • Rate eased to $1.2104 in early Asia on reported USD positioning. EUR/JPY demand then provided the lift to a fresh 2020 high of $1.2125.
  • Rate settled around $1.2120 ahead of the European open.
  • EZ final Services PMI releases(Spain 0815GMT-EZ 0900GMT) provide interest this morning, along with EZ Retail Sales(1000GMT)
  • Into the afternoon and US Weekly Jobs at 1330GMT(ahead of Friday NFP), PMI and ISM Services at 1445-1500GMT respectively.
  • Support $1.2100, $1.2080, $1.2050/40. Resistance $1.2125, $1.2138/44(1.236% proj. Nov4-9 rally/78.6% $1.2555-1.0636)
  • MNI Techs: EURUSD continues to push higher. This week's break above Sep 1 high of 1.2011 confirms a resumption of the uptrend that has dominated since the reversal on Mar 23. Pair has also cleared 1.2102, 76.4% of the entire 2018-20 downleg reinforcing bullish conditions. With further gains seen likely, the focus is on 1.2138 and 1.2184, both Fibonacci projections. On the downside, initial support is seen at 1.2040 with a firmer level at 1.2011.
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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