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Jul 13 - 01:55 AM

EUR/USD - Moves Higher As Reflation Trade Revived By Strong China Trade

By John Noonan  —  Jul 12 - 11:41 PM
  • EUR/USD opened -0.16% at 1.1860 after recovering from 1.1836

  • After trading at 1.1858 it drifted higher as USD attained offered tone

  • Strong China trades gave risk currencies a boost and weighed on USD and JPY nAZN01DYFH

  • EUR/USD traded to 1.1875 and is around that level into the afternoon

  • Resistance is at the 21-day MA at 1.1898 and break ends S/T trend lower

  • Support is at the 10-day MA at 1.1850 and break eases upward pressure

  • EUR/USD direction likely linked to reflation trade, as factors are mixed

  • Global growth concerns linked to Delta variant still a risk

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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