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May 13 - 12:55 AM

EUR/USD: Staying Bullish M-Term On Several Cross-Market Developments - Citi

By eFXdata  —  May 12 - 04:30 PM

CitiFX Technicals outlines several cross-market price developments to maintain their bullish bias on spot in the medium term.

"EURUSD posted a bullish outside week last Friday, akin to what happened in the week ending 27 Nov. 2020. Subsequent price action saw the EUR enjoy a rally of almost 400 points," Citi notes. 

"US 10 year real yields are falling as nominal yields continue to follow a similar path to that seen in 1993- 1994 and 1998-2000 (suggesting that we now see a period of range trading). 

The US-Germany 10 year yield spread has broken decisively below the 55 day MA with a wide gap to the 200 day MA and trend line support at 153-156bps. The current spread hovers at 178 bps," Citi adds. 

Source:
Citi Research/Market Commentary

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