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May 09 - 11:55 PM

EUR/USD - Drifts Higher In Asia Ahead Of US CPI

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

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