Forex Morning Briefing

Forex Morning Briefing


Commentary: Nothing NewPE

EUR (Euro) at 1.2282 saw consolidation Wednesday, marking a low of 1.2216, and now just below its prior high at 1.2297. We could see a break past 1.23 soon for the next upside target of 1.24-1.25 to be tested in time for the ECB meeting next Thursday.

Note: that there is Key resistance around 1.25 on the weekly line charts, which should ultimately hold near term.

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

USD/JPY at 110.66 tested support on the 3-Day and weekly candles around 110.30 Wednesday and may now move up to 112 by this Friday. The Northside may be restricted by Key resistance near 112.5 on the weekly liness.

Sterling (GBP) at 1.3794 made my expectation of a dip from resistance near 1.3820-50 on the daily candles for GBP and is holding on well now. It may dip further to 1.37, but the Southside near term could be restricted to 1.36 support on daily candles.

AUD (Aussie) 0.7969 has marked a high of 0.7999 Thursday and is trading near 0.7970 now, which signals some profit taking. This is an important resistance, and could hold in here.

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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