Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: ECB Dovish policy stance weakens EUR: PE

The Dollar (.DXY) Index at 90.218 moved North on the weakening EUR, and 1st resistance is seen at 90.5. If breached, next resistance is at 91 on 3 day and weekly lines. The Bank of Japan policy decision may impact USD.

EUR (Euro) 1.2310) the ECB policy decision Thursday, and the  Dovish stance by Mr. Draghi in the press conference + the downward revision of forecasted inflation in Y 2019, caused the single currency to weaken. It is now trading at 1.231. A clear break below support at 1.23 would have EUR testing support at 1.22-1.225.

USD/JPY at 106.69 is up above resistance 106.5, and test 2 important resistances near 107 on the daily lines. The Bank of Japan meeting Friday might impact USD/JPY in the days ahead.

EUR/JPY at 131.28 is respecting channel resistance on daily candle at 131-131.5 and could come down to 129-130 next week.

Sterling (GBP) at 1.3799 has fallen to 1.38 again, but there is strong support there on daily candles which should hold for now.

Have a terrific weekend

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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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