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Jun 11 - 08:55 PM

EUR/USD - Political Uncertainty Caps, As Charts Turn Negative

By Andrew M Spencer  —  Jun 11 - 07:45 PM
  • Steady after closing down 0.25% with the U.S. dollar up 0.1%

  • Political uncertainty - led by the French election weighs on the Euro

  • ECB chief economist Philip Lane is in no hurry to cut rates again

  • Charts - momentum studies slip, as 5, 10, & 21-day moving averages fall

  • 21-day Bollinger bands expand - the signals now show a negative setup

  • Close below 1.0719/21, 0.618% Apr/Jun and Tuesday's base would be bearish

  • Tuesday's 1.0773 high and this week's 1.0799 top are the first resistance

  • 1.0800 2.073 BLN are the closest significant strikes for June 12

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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