Forex Morning Briefing
$DXY, $EUR, $GBP, $JPY, $AUD
Commentary: Nothing new. PE
The US Dollar (.DXY) Index at 94.165 is trading slightly below support a 94.2 on daily and 3 day candles. A clear break below 94 negates the near term rise to 95-96. The ECB meet’s outcome today could decide the direction.
EUR (Euro) at 1.1736 is testing resistance at 1.174, A clear break here could make the single currency Bullish to 1.185 and higher up to 1.195, depend on the ECB meet Thursday. If the statement gives any indication that the 1st rate hike might happen before 19 December it could result in EUR strengthening. If the indication is for a rate hike around 19 December expect the EUR to fade to 1.16.
EUR/JPY at 129.99 tested support near 129.4 Wednesday. Assuming that EUR strengthens after the ECB meet Thursday, then near term targets of 1.18 on EUR and 111 on USD/JPY provide a target near 131 on the pair in here.
Sterling (GBP) at 1.3202 is close to resistance at 1.32. If the EUR strengthens to 1.18 Thursday, may see GBP break resistance at 1.32 and move up. Any up-move could be temporary in the broader downtrend for GBP.
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