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May 08 - 11:55 PM

EUR/USD - Drifts Lower As Longs Getting Squeezed

By John Noonan  —  May 08 - 10:25 PM
  • EUR/USD has eased below 1.0990 and is below 21-day MA at 1.0996

  • The next support is at Friday's low @ 1.0967 hit after US non-farm payrolls

  • Market is long EUR/USD as evidenced by IMM data showing net longs at 170K

  • Multiple fails ahead of 1.1100 frustrating EUR/USD bulls

  • A close below the 21-day MA would signal end of short-term trend higher

  • A break below 1.0965 targets the 38.2 of the 1.0516/1.1096 move at 1.0874

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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