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May 20 - 04:55 AM

EUR/USD - This EUR/USD Rally Is Insignificant

By Jeremy Boulton  —  May 20 - 03:25 AM
  • EUR/USD has rallied 1.0349-1.0642 EBS in past week, last 1.0576

  • The pair fell 1.2266-1.0349 after taper talk emerged

  • Bounce far from minimum objective for a tech correction of that drop

  • The bounce occurred because the sell-off was stretched

  • EUR/USD was trading deep below 20-month Bollingers. Base is 1.0638

  • Traders were long before the bounce which may encourage them to add

  • Expect downside pressure to build ahead the next Fed hike on Jun 15

  • Once oversold conditions are alleviated EUR/USD should drop again


EURUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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