Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing

$DXY, $EUR, $GBP, $JPY

Commentary: Nothing new. PE

The US Dollar (.DXY) Index at 93.65 tested support at 93.29 Tuesday and now seems to be rising from there back towards 94. A deeper correction towards the 5 Wk MA 93.0-93.5 is on the cards, which might happen after a retest of 94. If so, the Northside target at 95 would be tested sometime next week or next.

EUR (Euro) at 1.1762 rose to a high near 1.1830 Tuesday. Corresponding to ,DXY, it could 1st see 1.17 and then 1.1775-1.185. A test of 95 by .DXY could imply EUR testing to 1.155.

USD/JPY at 110.48 is testing support at 110.5. If that support holds then see the pair back at 111 or 112 within the next 2 weeks. The near term target 112, which corresponds with Key long term resistance.

EUR/JPY at 129.97 tried for 131.5 Tuesday and saw 131.35 and faded.  The next few sessions could see the pair ranged within 130.5-129.5 as the EUR moves to 1.17 and USD/JPY moves to 111 once again.

Sterling (GBP) at 1.3421 rose to 1.35 Tuesday and could now test support 1.338-1.340 yet this week.

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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