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May 02 - 08:55 PM

EUR/USD - Opens Firmer, After Recovering Data-Driven Losses

By Andrew M Spencer  —  May 02 - 07:20 PM
  • +0.05% early after closing up 0.1%, recovering earlier losses in Europe

  • EZ manufacturing activity fell in April, led by weak German PMI

  • Yield spreads widened a touch, 10yr bund -3bp 2.553%, 10yr UST -2bp 4.571%

  • Tight range likely in Asia ahead of the often volatile U.S. jobs data

  • Charts - an inside day - 5, 10, and 21-day moving averages coil,

  • 21-day Bolli bands contract, daily momentum studies rise - mixed signals

  • Tested 1.0745 Fibo, 0.382% of the March/April fall is the key resistance

  • The 1.0677 low in New York then this week's 1.0649 base are initial support

  • 1.0700/05 1.984 BLN and 1.0750 1.093BLN are the close strikes for May 3rd

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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