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Jun 14 - 01:55 AM

EUR/USD - Tepid Recovery As Oversold Conditions Encourage Dip Buying

By John Noonan  —  Jun 14 - 12:00 AM
  • EUR/USD opened -1.0% at 1.0405 as markets priced in a 75 BP Fed hike Wednesday nL1N2Y02MC

  • After dipping to 1.0397, it found support and slowly drifted higher

  • A 0.75% rise in E-minis encouraged some USD selling more broadly

  • EUR/USD was severely over-sold on the daily RSI and slow stochastic readings

  • Hourly resistance is at 1.0455/60 where sellers are tipped

  • EUR/USD trending lower with the 5, 10 & 221-day MAs in a bearish alignment

  • Only a break above the 10-day MA at 1.0619 would suggest a bottom is forming

  • Support is at the 2022 low at 1.0349 and the 2017 trend low at 1.0340

  • EUR/USD likely to remain vulnerable ahead of Wednesday FOMC

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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