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Apr 30 - 04:55 PM

EUR/USD - Month-End Re-Balancing, U.S. Data Erase A Week's Worth Of Gains

By Randolph Donney  —  Apr 30 - 02:35 PM

  • EUR/USD down 0.8% last, as April gains get chopped

  • April's 3.6% rally too juicy, overbought, not to see profit-taking

  • More stellar U.S. economic data making that decision even easier

  • And Monday's holiday in London created extra urgency to flatten trades

  • Key 100-DMA at 1.2056 that held Mon-Wed lows finally gave way, stops hit

  • Prices now nearing the previously pivotal 1.20 level and cloud top

  • The 38.2% Fibo of April's rise is at 1.19795 as well nL1N2MN1JU

  • And the daily cloud flattens out at 1.1974 next week's US data blitz

For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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