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May 22 - 11:55 PM

EUR/USD - Sustained Euro Strength Unlikely, Unless USD Slides

By Andrew M Spencer  —  May 22 - 08:45 PM

  • +0.05%, after closing down 0.25% Friday on investor caution, EUR/GBP sales

  • E-mini S&P up 0.9% in Asia, weighing on safe haven U.S. dollar - no news

  • Charts; momentum studies rise, 5, 10 and 21 day moving averages conflict

  • 21 day Bolli bands contract - neutral setup after key resistance was broken

  • May rejection of lower 21 day Bolli and close above 21 DMA, today at 1.0536

  • Targets a test of the falling 1.0683 upper 21 day Bollinger band

  • 1.0559 early Asian low and 1.0600 963MLN strikes initial support, resistance

  • Unlikely to see sustained euro strength at present unless U.S. dollar slides

For more click on FXBUZ


eur May 23 Click here

Source:
Refinitiv IFR Research/Market Commentary

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