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Apr 20 - 11:55 AM

EUR/USD - COMMENT-US Data Should Keep EUR/USD Longs Cautiously Optimistic

By Christopher Romano  —  Apr 20 - 10:25 AM

EUR/USD traded higher Thursday after briefly dipping below the 10-day moving average, and that bullish price action along with U.S. data should leave longs feeling confident.

rates SRAU3 and the dollar fell with help from above-forecast weekly and continuing claims along with a big downside surprise in the April Philly Fed index. Signs of a weakening job market and moderating inflation in the data could lead the Fed to become less hawkish in the future.

The extension of the downward trend in U.S.
existing home sales
reinforced that view.

Treasury yields dropped, eroding the dollar's yield advantage over the euro, illustrated by German-U.S.
2-year spreads US2DE2=RR nearing the tights set April 13, underpinning EUR/USD.

EUR/USD technicals highlight the upside risks.
Daily and monthly RSIs imply upside momentum is in place, the up trend off the 2022 yearly low is intact and EUR/USD traded above the 50% Fibo of the 1.2349-0.9528 drop.

The 1.1075/1.1100 zone remains an impediment for longs.
A break brings 1.1230/40 and 1.1490/1.1500 into focus.

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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