Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: USD still looks weak in here. PE

The US Dollar (.DXY) Index at 89.27 has not broken major long term support at 89.20 yet. If this support is broken .DXY could turn Bearish medium term after having ranged within 88.5-91.0 for the past 10 weeks. The next target is support at 88.5.

The US GDP data release Wednesday could be important, as a favorable GDP growth number could be positive USD strength.

EUR (Euro) at 1.2417, there is major long term resistance 1.245 on the weekly lines, which might be holding the single currency down. A breach here would be Bullish EUR, and it could target 1.255-1.26.

USD/JPY at 105.57 was pushed South by 1st resistance near 106, and could move down to 104.5 by end of this week or early next week.

EUR/JPY at 131.05 may move South to 130 by the end of this week or early next week, after having tested resistance at 131.75-131.80 Tuesday.

Sterling (GBP) at 1.4187 made a low at 1.4066 Tuesday but has stayed within the upward channel lines. I looks like a dip to 1.41 in in here then a move targeting 1.43 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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