Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: Again, .DXY strengthened, EUR weakened. PE

The US Dollar (.DXY) Index at 95.24 saw a high at 95.4 Wednesday and could test resistance at 95.6 on the 3 -Day line this week. Next week could see a breach of this resistance then see 96, as EUR moves below 1.15.

EUR (Euro) at 1.1567 broke below support at 1.16 on the daily line to see a low at 1.154 Wednesday. A clear break below 1.15 to support at 1.145 might occur next week. The trigger could be political instability in Germany next week.

USD/JPY at 110.11 saw a high of 110.49 Wednesday and could mark 110.0-109.8 Thursday. Range trade within 110.75-109.75 could continue into next week, and then turn Bearish or Bullish. Resistance at 110.5-111.0 is strong long term, I expect it to hold.

EUR/JPY at 127.38 broke below support at 127.5, now the pair could dip lower to 126.5-126.0, seeing a move to major support at 124 in July.

Sterling (GBP) 1.3114 moved to support at 1.31, and could move lower to horizontal support at 1.30 next week. A clear break of 1.30 would be Very Bearish.

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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