Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: Euro (EUR) rose on the back of risk appetite following the 1st round of the French presidential election. However, it may turn out to be more of a relief rally rather than genuine strength for Euro. The chances of Euro making a significant top and USD marking a significant bottom Monday cannot be ruled out.PE

US Dollar (.DXY) Index at 99.30 is at a Key juncture now, as it has tested my Southside target/support at 99.20-10 and shows the possibility of the correction ending, that pending confirmation. The current bounce is in line with expectations and the recovery may drive USD to 100.20-50 in the next few sessions.

EUR at 1.0829 has overshot my Northside target at 1.0820 by a huge margin registering a high at 1.0920 Monday, but the rise may be over for now and a decline to 1.0700 or lower may be seen near term.

Sterling at 1.2787 trading quietly in the narrow range of 1.2750-1.2900 as expected, but it may test major support at 1.2600 near term.

USD/JPY at 110.07 is testing the resistance at 110.10 which is the make or break mark near term. A successful break above 110.10 may drive the pair up to 111.50-112.00, but a failure there can keep it ranged within 108.00-110.00. Will wait and watch with a Bullish bias.

Aussie (AUD) at 0.7555 is in a horizontal mode in the range of 0.7450-0.7600 which may continue for another week.

Have a terrific week.

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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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