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May 15 - 09:55 PM

EUR/USD - Yields Tumbled, But The Uptrend Remains Strong

By Andrew M Spencer  —  May 15 - 07:50 PM
  • Trades +0.05% early after closing up 0.6% with the USD off 0.7%

  • Risk 'on' after benign US data, as Fed rate cut expectations increased

  • A surprise - spreads widened, 10yr bund -12bp 2.423%, 10yr UST -10bp 4.356%

  • Soft US data provided the fuel to increase ECB rate cut expectations

  • Charts - momentum studies, 5, 10, and 21-day moving averages climb

  • 21-day Bollinger bands expand - daily charts maintain the positive setup

  • Targets 1.0897 0.786% of the March/April fall, then 1.0980 March high

  • New York's 1.0822 low, then the 1.0797 10 DMA are initial supports

  • 1.0875 1.673 BLN and 1.0900 1.566 BLN close major strikes for May 16th

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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