By John Noonan — May 09 - 11:25 PM
EUR/USD opened -0.40% at 1.0960 after USD broadly strengthened
It drifted higher in Asia and was at 1.0975 heading into the afternoon
Trading was quiet as market looked forward to US CPI later today
A hot US CPI would likely throw doubt on Fed rate cuts later in 2023
It would also coax excess EUR/USD longs to pare back nL4N377044
EUR/USD closed below the 21-day MA at 1.0998 to signal end of trend higher
Resistance is now at the 21-day MA ad 10-day MA at 1.1005
Support is at the 38.2 of the 1.0516/1.1096 move at 1.0874
For more click on FXBUZ
Source:
Refinitiv IFR Research/Market Commentary