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May 23 - 10:55 PM

EUR/USD - Downtrend In Play, Capped By Safe-Haven USD Flows

By Andrew M Spencer  —  May 23 - 08:45 PM
  • Steady after closing -0.4%, amid broad-based safe-haven USD demand

  • Little progress toward a U.S. debt ceiling compromise, to underpin the USD

  • Spreads tightened on USD demand, 10yr bund +2bp 2.471%, 10yr UST -2bp 3.697%

  • Charts; 21-day Bollinger bands expand, while momentum studies crest or fall

  • 5, 10 & 21-DMAs track lower - remains a negative trending setup

  • 1.0758 NY low, followed by 1.0736 61.8% of the 2023 rise are initial support

  • 1.0795 NY high then 1.0826 10-day moving average are the first resistance

  • 1.0750/60 1.331 BLN are the only close strikes for May 24th

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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