Forex Morning Briefing

Forex Morning Briefing


Commentary: USD Still Under Pressure. PE

EUR (Euro) at 1.1817 broke above the down channel seen in the 3-day and weekly candle. While trading above 1.1780-1.1800, there is room of testing higher at 1.1850-1.1900 before again coming off to 1.17 or lower medium term.

USD/JPY at 112.50 could test 112.00-111.60 if it does not bounce back from current marks Friday. Decent support is visible here, but that will have to hold to drive price back to 113.00 and higher.

EUR/JPY at 132.92 is trading within 134-131, and is right in the middle of the channel now. While resistance near 134 holds, price may come off to 131 soon.

Sterling (GBP) at 1.3236 is targeting 1.3250-1.3300 in the coming sessions from where a sharp rejection back to 1.32 or lower is possible.

AUD (Aussie) 0.7593 sees 1st support at 0.7560, while that holds, the price could start moving up to 0.7622-0.7650. Failure to sustain above 0.7560 could push it lower to test 0.75.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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