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May 10 - 01:55 PM

EUR/USD - Rally Sellers Help Keep Key Support In Focus

By Christopher Romano  —  May 10 - 11:55 AM
  • EUR/USD fell toward key support earlier, 1.0940 hit on EBS

  • Rally ensued after US CPI data, 1.1007 traded but sellers emerged

  • Offers near the 10- & 21-DMAs helped cap the rally, slide ensued

  • Most of session's gains erased, traded up +0.10% at Europe's close

  • Daily doji formed; implies either pause in drop or rally possible

  • Monthly RSI falling however & monthly inverted hammer is in place

  • Support near 1.0940 is key for now, if breaks stops likely trigger

  • EUR/USD shorts then target the daily cloud top, 1.0810/30 zone

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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