Forex Morning Briefing

Forex Morning Briefing


Commentary: .DXY wilting.PE

EUR (Euro) at 1.2282 marked a low at 1.2216 Tuesday trading just below its previous high of 1.2297. We could see a break out past 1.23 for the next targets at 1.24-1.25 to be tested in time for the ECB meeting next Thursday, 25 January.

Note: Seeing Key resistance at 1.25 on the weekly lines, which should ultimately hold near term.

EUR/JPY at 135.77 is consolidating below 136 in here, but we might see a move past 136 as the single currency moves past 1.23. There is resistance on daily candles near 137 which might be tested if EUR tests at 1.24-1.25.

USD/JPY at 110.66 tested support on the 3-Day and weekly candles at 110.30 Tuesday and now  will move up to 112 soon. The Northside may be restricted by major resistance at 112.5 on the weekly lines.

Sterling (GBP) at 1.3794 is holding for now. It may dip to 1.37, but the Southside near term could be restricted to 1.36.

AUD (Aussie) at 0.7969 rose to 0.7999 Wednesday and is now trading near 0.7970 reflecting some profit taking. This is an important resistance and could hold for now.

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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