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Sep 29 - 08:55 PM

EUR/USD - Politics Swing Right, October Rate Cut Hopes Grow

By Andrew M Spencer  —  Sep 29 - 07:50 PM
  • +0.05% after closing 0.1% lower, capped by EUR/JPY selling, closed -1.9%

  • The Far right won the Austria election, but not certain to lead a coalition

  • Soft Euro Zone data fuels expectations of an October ECB rate cut

  • Charts - daily momentum studies flat-line, 21-day Bollinger bands rise

  • 5, 10 & 21-day moving averages edge higher - overall a modest topside bias

  • Wednesday's 1.1214 high and 1.1271, 0.618% 2021/22 fall are first resistance

  • Last week's 1.1084 low, then the 1.1068 Sep 19th base are initial supports

  • 1.1120/25 1.128BLN and 1.1200 1.124BLN close Sep 30 strikes

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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