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Oct 29 - 08:55 PM

EUR/USD - Fundamentals Weigh, But Key Support Holds

By Andrew M Spencer  —  Oct 29 - 07:30 PM
  • Unchanged after closing up 0.05% with the U.S. dollar 0.05% lower

  • Eurozone tariffs on Chinese EVs may prompt retaliation from Beijing

  • The German ruling coalition is almost dysfunctional as the economy stagnates

  • It is hard to be bullish on EUR/USD when the economic outlook is polarized

  • Charts - conflicting daily momentum studies, 21-day Bollinger bands contract

  • 10 & 21-day moving averages track lower, signals show a modest bearish bias

  • This week's 1.0850 high, then the 1.0888 21 DMA are the first resistance

  • 1.0783, 78.6% of the Jun/Sep rise and 1.0777 August low held, but vulnerable

  • Sustained 1.0775 break will target a test of the 1.0666 June trend low

  • 1.0800 928mln, 1.0825 600mln, 1.0835 621 mln, 1.0850 1.726BLN Oct 30 strikes

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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