Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: USD support at 88.5 held, now seeing strength PE

US Dollar (.DXY) Index at 90.244 moved past 90, and has been trading in the 90.2-90.4 range. There should be resistance at 91 as seen on the daily and weeklies. A test at 91 could occur next week.

EUR (Euro) at 1.2278 tested support near 1.2275 earlier than expected. Now seeing lower support near 1.22 on the 3-Day line, and near 1.215-1.22 on the daily candle, which might be strong support leading to a bounce.

USD/JPY at 109.34 is struggling to move up and  beyond 109.5 as 21-Day and 13-Day MA lines on the daily line continue acting like resistance. On the weekly line, it might come down to test support near 108.5 an important mark. Near term USD/JPY looks Bearish for now, directional clarity may come in the next few days.

EUR/JPY at 134.25 declines to 133.87, but is now trading above 134, indicating that support at 134 on the daily, 3-Day and weekly candles might hold for some more time. But, if EUR goes down to 1.22 without USD/JPY breaking below 108.5, EUR/JPY could break support at 134.

Sterling (GBP) at 1.3894 in a downtrend for the last 5 sessions and could test support near 1.36-1.37 this time next 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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