Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: Nothing new. PE

The US Dollar (.DXY) Index at 93.18 did not dip to 92.4-92.5 Tuesday, it rose to a high near 93.28 and is currently trading near 93.2, our projection for .DXY is coming close to its medium term target of 94-95 in the next 1-2 weeks may well come true.

EUR (Euro) 1.1852 marked a low of 1.1838 Tuesday, and is currently trading near 1.185. Corresponding to .DXY move to 93.70-94.50, the single currency could have its current move South restricted at 1.1775-1.1655, then start rising. If .DXY tests 95, EUR could test to 1.160-1.158.

USD/JPY at 109.54 has risen after testing support on the on daily candle at 108.76. This move could take it to 110.0-110.5-110.75 near term. The uptrend looks capped at 110.50-110.75 medium term, after which the pair could turn Bearish.

EUR/JPY at 129.83 tested support at 129.3 Tuesday. Expect it to break support when USD/JPY turns Bearish after testing 110.00-110.75 and EUR continues South to 1.16.

Sterling (GBP) at 1.3534 rose to 1.359 Tuesday, but dipped. If GBP rises above 1.354-1.355, it might see 1.36 or 1.37). But, if it moves to 1.35, it may extend to 1.325.

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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