Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing

$DXY, $EUR, $GBP, $JPY

Commentary: Nothing new. PE

The US Dollar (.DXY) Index at 92.99 dipped Wednesday from 93.3-93.4 to92.8-92.9. It should rise back up towards 93.5 again by Friday. .DXY on the 1 hr chart)could be in the last leg of its 5 wave move from 89.23. This last leg may quit near 93.70-94.50. .DXY is coming close to its medium term target of 94-95 in the next 1-2 weeks, we wait, we see.

EUR (Euro) at 1.1863 rose to 1.1897 Wednesday, but also saw a low at 1.1823. It could move Thursday, to test 1.19.

Note: the single currency could have its Southside action restricted at 1.1775-1.1655, then start rising after 2 weeks. If .DXY tests 95, EUR could test 1.160-1.158.

USD/JPY at 109.72 has rising support at 108.75 on the daily candle. This move could drive it to 110.5-111.0 near term. The broader uptrend looks capped at 110.50-111.0, after that the pair could turn Bearish.

EUR/JPY at 130.17 seeing support at 129.3-129.2 and might for a few days. After that, as the USD/JPY turns Bearish, could see EUR/JPY break below 129.

Sterling (GBP) at 1.3562 rose above 1.354-1.355 Wednesday to 1.3607. It is now trading lower, but could test higher at 1.36-1.37 in the next couple of days then move lower. If GBP breaks below 1.352, it could then move to 1.325 fast.

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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