Euro feels the love amid softer Greenback
Monday 24 June 2019
We've seen more USD supply and it's been the Euro that's felt most of the love as shorts get squeezed in the wake of better EZ data and some SNB intervention to support EURCHF that I mentioned on Friday.
EURUSD easily held the 1.1280 bids/support I mentioned and has rallied steadily to post highs of 1.1389 not seen since late March having broken out through decent resistance/offers at 1.1330 and 1.1350. Barrier option interest at 1.1400 proving a step too far for the moment.
EURGBP has made sold gains too but tempered by some GBPUSD demand too amid the generally softer US$. GBPUSD finally broke through the pivotal 1.2720-30 area to post 1.2768 in early Europe only to run into fresh sellers helped by some GBPJPY and GBPCHF supply again. GBPJPY found some support around 136.50 but sellers remain poised with Yen demand still notable overall.
I remain GBP bearish overall still and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always.
USDJPY has given in further to the ongoing USD supply/JPY demand combo to fail into 107.80 where I warned of supply building 107.50 and retreat into 107.20 on Friday and struggling to rally since.USDCHF remains under pressure on the USD supply/EURUSD rally combo and as the SNB continues to lend a helping hand to EURCHF.
AUDUSD remains underpinned amid the the USD weakness but sellers still remain poised while USDCAD has found a 1.3150-60 base for the moment with good demand down there as I've been noting recently.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.
I hope my updates/tweets are helping. If not then do let me know why not.Feel free to contact me about discounted 1-2-1 mentoring rates if you need some clarity on current moves or finding it difficult to make money from my recommendations/strategy.
Let's continue to be careful and don't get greedy.
Have a good day/week out there one and all.
Interbank Rate 08.45 BST