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Aug 22 - 08:55 PM

EUR/USD - Downward Momentum Revived After Bearish Outside Day

By John Noonan  —  Aug 22 - 07:05 PM
  • EUR/USD opens -0.47% after a vicious reversal lower during the US session

  • The US-DE 2-year yield spread blew out 9 bps to favour the USD nL1N3A31YXnL1N3A30ML

  • EUR/USD traded to a fresh 2-month low at 1.0833 before finding support

  • Key support is @ the 200-day MA at 1.0799 and break increases downside risks

  • Resistance is @ 21-day MA @ 1.0945 and break would suggest bottom is forming

  • EUR/USD completed a bearish outside day - so downside remains vulnerable

  • Market is pricing in a hawkish Powell speech at Jackson Hole on Friday

  • The risk for EUR/USD shorts is for Powell to be less hawkish

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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