EUR/USD Rebounds ahead of Weekend, Confirming Short Term Bottoming?
Action Insight Mid-Day Report 8-13-21

EUR/USD Rebounds ahead of Weekend, Confirming Short Term Bottoming?

Euro and Swiss Franc rise broadly as the markets are approaching the weekly close. On the other hand, Canadian Dollar is reversing some of this week's gains, while Dollar is following as second weakest for the day. As for the week, the Loonie is still the strongest, followed by Kiwi Swiss Franc is the weakest followed by Sterling. But there are still a few more hours to change the picture.

Technically, one major focus for the rest of the day and early next week is EUR/USD. Break of 1.1768 minor resistance will firstly indicate short term bottoming. More importantly, the could be an early sign of near term reversal, after drawing support from 1.1703 key near term support level. We'll see if EUR/USD's rebound would extend.

In Europe, at the time of writing, FTSE is up 0.40%. DAX is up 0.31%. CAC is up 0.27%. Germany 10-year yield is up 0.010 at -0.448. Earlier in Asia, Nikkei dropped -0.14%. Hong Kong HSI dropped -0.48%. China Shanghai SSE dropped -0.24%. Singapore Strait Times dropped -0.54%. Japan 10-year JGB yield dropped -0.0002 to 0.024.

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1723; (P) 1.1735; (R1) 1.1747; More..

EUR/USD rebounds notably today and immediate focus is now on 1.1768 minor resistance. Firm break there will confirm short term bottoming and bring stronger rise to 1.1907 resistance. As by then, EUR/USD should have draw strong support from support from 1.1602/1703 support zone. Firm break of 1.1907 should indicate near term bullish reversal. Nevertheless, on the downside, sustained break of 1.1602 will argue that it's already reversing the trend from 1.1603, and target 61.8% retracement of 1.1603 to 1.2348 at 1.1289.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
22:30 NZD Business NZ PMI Jul 62.8 60.7 60.9
06:30 CHF Producer and Import Prices M/M Jul 0.50% 0.30% 0.30%
06:30 CHF Producer and Import Prices Y/Y Jul 3.30% 2.80% 2.90%
09:00 EUR Eurozone Trade Balance (EUR) Jun 12.4B 9.3B 9.4B 13.8B
12:30 USD Import Price Index M/M Jul 0.30% 0.60% 1.00%
14:00 USD Michigan Consumer Sentiment Index Aug P 81.3 81.2