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Aug 15 - 09:55 PM

EUR/USD - 1.0120 Test Beckons, But Large Downside Strikes

By Andrew M Spencer  —  Aug 15 - 09:25 PM

  • Touch softer after closing down 0.95%, as the safe haven U.S. dollar jumped

  • Cautious start, after Mondays soft China data inspired safe haven USD flows

  • 5, 10 & 21 day moving averages crest, negative daily momentum studies

  • 21 day Bollinger bands contract - signals have turned modestly negative

  • Close below 1.0215 21 DMA, a base in August, adds to the bearish outlook

  • Targets a test of 1.0117, lower 21 day Bolli and 1.0111 61.8% Jul/Aug rise

  • Support around 1.0100 should be resilient unless there is significant news

  • 1.0120/40 1.750 BLN, 1.0150 1.458 BLN are Tuesday's close major strikes

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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