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Dec 28 - 11:55 AM

EUR/USD - Indecision Emerges After A Fresh High Is Hit

By Christopher Romano  —  Dec 28 - 09:35 AM
  • A fresh 5-month high of 1.11395 traded on EBS overnight, gains then eroded

  • Overnight US sales abated as US yields US2YT=RR rallied & risk softened

  • USD/CNH rallied off its 7.1011 D3 low and stocks ESv1 traded lower

  • Increased US$ yield advantage over euro US2DE2=RR also weighed on EUR/USD

  • EUR/USD fell sharply in early NY, hit 1.10725 then bounced, was down -0.14%

  • A daily doji candle formed, implies a pause in the rally or reversal is due

  • Daily RSI diverged which highlights a downside risk for EUR/USD

  • Monthly techs remain bullish however so correction may be limited

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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