Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: Nothing new. PE

The US Dollar (.DXY) Index at 89.89 dipped deeper after testing resistance at 90.5-90.6 last week. The 13-Day and 21-Day MA lines on the daily lines could provide some interim support near present marks. On a clear break of the MAs, the next Southside targets are seen as support on weekly line at 89.5 and support at 89.25.

EUR (Euro) at 1.2311 bounced from support at 1.2225 Monday, is facing interim resistance from the 21-Day MA line on the daily line. A breach there would take it to resistance at 1.245. A clear break above 1.25-1.26 implies medium term Bullishness for the single currency. While EUR stays below 1.25-1.26, it could say ranged within 1.215-1.255 of the past 2 months.

USD/JPY at 107.07 is getting support by earlier resistance on daily candles and daily line chart at 106.8. If it stays above this mark, and then move beyond its prior high at 107.9, it could imply medium term Bullishness for the pair.

EUR/JPY at 131.85 has breached resistance on 3-Day and Weekly candles as EUR has moved up to 1.232 and the USD/JPY has stayed above 106.80. If EUR moves up to 1.245 and USD/JPY to 107.5, it would imply EUR/JPY tapping 133-134. But, the 21-Wk MA line at 133 on the weekly line might keep the Northside restricted short term.

Sterling (GBP) at 1.4127 is moving to 1.42. If GBP stays above 1.39-1.40, it could be headed to 1.46 medium term.

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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