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Dec 21 - 09:55 PM

EUR/USD - Positive Setup Below Major Resistance Into Key US Data

By Andrew M Spencer  —  Dec 21 - 07:15 PM
  • Steady after closing up 0.65% amid broad-based USD weakness, =USD -0.65%

  • Unchanged yield spreads - tight range likely into US core PCE inflation

  • Red Sea attacks disrupt world trade, as more ships vow to avoid waters

  • Increased distances could fuel inflationary cost pressures in early 2024

  • Charts - momentum studies, 5, 10 & 21-day moving averages head higher

  • 21-day Bollinger bands expand - which is a classic bullish setup

  • 1.1017 November high and 1.1080, 76.4% of the 2023 fall likely resilient

  • 1.0935 European low Thursday and 1.0918 10-day moving average supports

  • 1.0950/60 1.885BLN and 1.1020/25 960mln are the close strikes for Dec 22

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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