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Jan 29 - 07:55 AM

EUR/USD - Rises As ECB Plays Down Rate Cut Speculation And FX

By Jeremy Boulton  —  Jan 29 - 05:38 AM
  • ECB sources downplay concerns about strong euro nL8N2K36U5

  • Trade weighted EUR has risen 2% last 6 months but over 7% since Feb 2020

  • EUR/USD rises 1.2117-29 EBS in reaction. Today's range 1.2097-1.2129

  • Rally lessens risk bearish close below 55-DMA, daily cloud top nL1N2K40HE

  • That said, tepid bounce on apparently big news speaks volumes

  • Big number of longs is clearly influencing decision making

  • Will to add is limited a will to take profit heightened

  • A range within 1.2171-1.2040 is likely


EURUSD Click here

Trade weighted eur Click here

Source:
Refinitiv IFR Research/Market Commentary

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