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Apr 02 - 08:55 PM

EUR/USD - Opens Firmer, But The Data Continues To Weigh

By Andrew M Spencer  —  Apr 02 - 07:30 PM
  • Steady after closing up 0.25% amid broad base gentle USD weakness

  • The Eurozone PMI downturn deepened in March amid some recovery signs

  • The contrast between soft EU PMIs and resilient US data to cap EUR/USD

  • Tuesday's price action provided a healthy pause in the current downtrend

  • Charts - daily momentum studies slide, 21-day Bollinger bands expand

  • 5, 10, and 21-day moving averages fall head - the setup remains bearish

  • Signals target a test of the 1.0695 2024 low on February 14th

  • 1.0750 624mln and 1.0780/85 1.023BLN are today's close strikes

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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