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May 26 - 08:55 PM

EUR/USD - Positive Setup, But Month End USD Demand May Weigh

By Andrew M Spencer  —  May 26 - 07:35 PM

  • Steady early after closing +0.5% with much of Europe closed for Ascension

  • Euro led broad USD weakness as softer U.S. data cooled growth expectations

  • Barclays and Morgan Stanley models expect strong USD demand into month end

  • Charts; mixed momentum studies, 5, 10 and 21 day moving averages head higher

  • 21 day Bollinger bands expand - net positive setup below pivotal resistance

  • Targets a test of 1.0786, 38.2% 2022 fall - close above would be bullish

  • NY 1.0689 low then early London 1.0663 base are initial supports

  • 1.0700 783 MLM and 1.0750/65 1.913 BLN are Friday's close strikes

    For more click on FXBUZ


EUR May 27 Click here

Source:
Refinitiv IFR Research/Market Commentary

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