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Sep 09 - 01:55 AM

EUR/USD - Breaks Higher On Waves Of USD Selling In Asia

By John Noonan  —  Sep 08 - 11:45 PM
  • EUR/USD opened unchanged around 1.00000 after hawkish Powell comments offset hawkish ECB nL1N30F1CMnL1N30F0AA

  • After trading 0.9992 EUR/USD tracked higher on across the board USD selling

  • EUR/USD buying accelerated on the break above the 21-day MA at 1.0027

  • It then broke above the 38.2 of the 1.0369/0.9864 move at 1.0056

  • The high was 1.0084 before settling around 1.0065/70 into the afternoon

  • There wasn't any news behind the USD selling

  • The next resistance is at the 50% of the move at 1.0116

  • Market was overbought USD and short EUR/USD and decided to cover

  • The clear break above the 21-day MA ends the trend lower

  • EUR/USD appears to be in the process of establishing a new and higher range

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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