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Apr 01 - 04:55 PM

EUR/USD - Oversold Downtrend Corrects, Has Macro And 1.18 Hurdles Above

By Randolph Donney  —  Apr 01 - 02:43 PM

  • EUR/USD came out of its late-March tailspin to flatten up pre-holiday, NFPs

  • First higher daily high since March 22, holds above 21-day BB, 1.17 bids

  • EZ final mfg PMI at survey high, but little changed from initial reading

  • US ISM mfg index at 37-yr high, but Treasury yields down amid consolidation

  • EZ govt bond ylds also lower, ECB keeping a lid on them & euro nL1N2LU1IC

  • Recovery faces dire EZ pandemic vs rapid U.S. vaccinations, moderated cases

  • But U.S. pandemic divergence trade and Tsy yield recovery well along now

  • Friday's payrolls next, though options market is stoic into the event risk

  • Initial resistance is by 1.1800 from dn TL from Feb, week's high & 10-DMA

For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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