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Aug 23 - 05:55 AM

EUR/USD - Three Factors Boosted EUR/USD, Position For A Drop

By Jeremy Boulton  —  Aug 23 - 04:00 AM
  • Attempt to trigger 0.9900 option barrier failed leaving sellers stretched

  • EUR/USD stretched below base 20-day Bollingers 0.9974, base 20-week 0.9909

  • German PMI was slightly better than expected, it was still very bad

  • Few traders betting on USD rise yet its soaring nL1N2ZY0EQ

  • Slightly stretched techs won't hold up EUR/USD decline for long

  • Stops below 0.9900 barriers will attract, trigger may spark more rapid fall

  • USD index (58% EUR) is breaking crucial levels, big gain likely nL1N2ZZ0CR




Source:
Refinitiv IFR Research/Market Commentary

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