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May 04 - 08:55 PM

EUR/USD - Opens Lower As USD Strength Starts To Bite

By John Noonan  —  May 04 - 06:46 PM
  • EUR/USD opens 0.41% lower after USD broadly gained on waning demand for risk

  • Yellen comments on higher US yields weighed on risk and underpinned USD nL1N2MR218

  • EUR/USD trend higher may have run its course, as short-term signals turn

  • The 5-day MA has crossed below the 10-day MA - suggesting waning momentum

  • A close below the 21-day MA (1.2011) would confirm end of trend higher

  • The 38.2 of 1.1704/1.2150 is at 1.2079 and break would suggest top in place

  • Resistance at the 10-day MA @ 1.2065 and break would ease downward pressure

  • Bias is for lower, but moves may be limited ahead of Friday's US jobs

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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