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Jan 03 - 07:55 PM

EUR/USD - Opens Lower As USD Shorts Continue To Unwind

By John Noonan  —  Jan 03 - 06:05 PM
  • EUR/USD opens -0.16% after USD broadly strengthened on short-covering nL1N3DT1B0

  • The close below the 21-day MA (1.0945) confirms end of up-trend

  • EUR/USD dipped below 1.0900 before US yields moved lower in US session nL1N3DT1WJ

  • Support is at the 61.8 of the December rise at 1.0882

  • More support is at 1.0830/50 where the 55 and 200-day MAs converge

  • Resistance is at the 10-day MA at 1.1012 with sellers ahead of 1.1000

  • EUR/USD severely over-sold on the daily Slow stochastic readings

  • Pair may need to consolidate before next directional move unfolds

  • Key will be reaction to US ADP jobs later today and US NFPs on Friday

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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