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May 31 - 09:55 PM

EUR/USD - Strikes Contain, But Topside Bias Remains Intact

By Andrew M Spencer  —  May 31 - 08:11 PM

  • Touch firmer after closing up 0.3%, with the USD broadly weaker at month end

  • Strong German inflation nL5N2NI2VY, but ECB remain pro growth nL5N2NI1O9

  • Market dilemma - is initial round of inflation transitory or just the start?

  • Only time will tell, but major central banks comfortable with the first wave

  • Close strikes today are 1.2225 504m, 1.2240 580m, and 1.2275 1711BLN

  • Charts; momentum studies, 5 & 10 DMAs crest - 21 DMA rises - mixed signals

  • Setup remains positive while 1.2156 21 DMA holds - tested again Friday

  • Close below 21 DMA would target 1.2051/53 May 15 base & 38.2% March-May rise


    For more click on FXBUZ


eur jun 1 Click here

Source:
Refinitiv IFR Research/Market Commentary

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