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Apr 11 - 01:55 AM

EUR/USD - Edges Higher After Big Drop Ahead Of ECB Decision

By John Noonan  —  Apr 10 - 11:40 PM
  • EUR/USD opened -1.06% at 1.0741 after hotter US CPI sent US yields higher nL2N3GJ21T

  • it edged up to 1.0749 in Asia as US yields dipped from NY closing levels

  • The focus now shifts to the ECB decision with no-change in rates expected

  • Market will focus in forward guidance and whether ECB signals a June easing

  • EUR/USD support is at Feb 14 low at 1.0695 with bids tipped ahead of 1.0700

  • Resistance is at the 10-day MA at 1.0819 and break would ease the pressure

  • Selling rallies is favoured strategy while 10-day MA caps rallies

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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