Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: USD weakening Vs majors peers.PE

The US Dollar (.DXY) Index at 89.665 broke of support at 89.75 and over the course of the next week, it may move South to 89.2-89.0. This is Key support, a clear break there could lead to medium term Bearishness.

EUR (Euro) at 1.2378 the Euro sees resistance 1.24, however, in case of a break there, the single currency should test resistance at 1.25-1.255 during the coming week.

Note:The EU CPI data release Friday would be vital, a higher than expected figure would be Bullish EUR.

USD/JPY at 106.06 is moving to Key support 105.5-105.0 on the daily candles, a clear break there confirms medium term Bearishness.

EUR/JPY at 131.25 moved down from 132, as there has been a pause in EUR strength while JPY has continued to strengthen Vs USD. It could move further down to Key support 130 next week. A testing of 130 however implies 105 on USD/JPY, if EUR stays near 1.24, if this happens, USD/JPY may fall further, dragging EUR/JPY below 130-129.

Sterling (GBP) at 1.3977 tested resistance 1.4 on daily candle Wednesday and has dipped, 1st support is now seen 1.39 on 3-Day candle.

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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