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Apr 06 - 08:55 PM

EUR/USD - Higher On Lower US Yields And EUR Short-Covering

By John Noonan  —  Apr 06 - 06:44 PM
  • EUR/USD opens 0.54% higher as lower US yields broadly weighed on USD

  • Heavy EUR/GBP short covering also underpinned EUR/USD on Tuesday

  • EUR/USD trading just below the key 200-day MA at 1.1885

  • More resistance is found at he 38.2 of the 1.2243/1.1704 move at 1.1910

  • Close support is at the 21-day MA at 1.1855 with 10-day MA at 1.1786

  • Move higher in EUR most likely due to market being overextended short

  • Inability of EUR/USD to break 1.1700 after strong US data disappointed

  • Pause in the move up of long-dated US yields also sparked EUR/USD buy-backs

  • A break above 1.1910 would likely suggest more short-covering to come

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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