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May 09 - 08:55 PM

EUR/USD - Opens Lower As Trend Higher Fades Away

By John Noonan  —  May 09 - 07:20 PM
  • EUR/USD opens -0.40% after USD broadly firmed ahead of US CPI nL1N376351

  • Trend higher ended after close below 21-day MA at 1.0997

  • The 5 & 10 day MAs tilting lower now as upward momentum fades

  • The next support of note is the 38.2 of the 1.0516/1.1096 move at 1.0874

  • EUR/USD longs pared back ahead of US CPI data later today

  • If it is hotter than expected it may reduce chances of Fed cuts in 2023

  • EUR/USD resistance is at the 21-day MA at 1.0997 and 10-day MA at 1.1004

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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