Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: Nothing new. PE

The US Dollar (.DXY) Index at 90.712 has breached resistance at 90.5, and may now attempt a test of 2 stronger resistances at 91, and at 91.5, which should produce a fall for .DXY soon.

EUR (Euro) at 1.219 dipped below 1.22 and is now headed to major support at 1.215, I now believe that this support could lead to a bounce to 1.25-1.26 next week.

USD/JPY at 106.74 is close to support at 106.5 on 3-Day and weekly lines. A break of these marks will confirm long term Bearishness in the pair.

EUR/JPY at 130.14 broke support near 131 on the daily candles. If USD/JPY respects support at 106.5 while the EUR moves to 1.25-1.26 next week, we could see a rise in the pair beyond 131. But, if either the USD/JPY or the EUR breaks supports near 106.5 or 1.215 respectively, see EUR/JPY move lower to 128-129 next week.

Sterling (GBP) at 1.375 as I expected tested support at 1.38 on daily and 3 day candles, but instead of bouncing has fallen farther. In case of more Bearishness, it could target 1.36, which is Key support on daily, 3-Day and weekly lines, which should produce a bounce for GBP.

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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