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Aug 31 - 08:55 PM

EUR/USD - Opens Lower After Dovish Turn In ECB Expectations

By John Noonan  —  Aug 31 - 06:35 PM
  • EUR/USD opens -0.73% after dovish shift in ECB expectations

  • Cautious comments from ECB hawk Schnabel and fall in underlying EZ inflation weighed on EUR nL1N3AC0WF

  • Market pricing in only a 30% chance of a 25 bp hike by ECB at Sept meeting

  • EUR was worst performing currency with the EUR/JPY tumbling 1.2%

  • EUR/USD closed below the 10-day MA (1.0851) to shift pressure to downside

  • Support is at a trend-line drawn from March 15 low at 1.0779

  • Resistance is at the 10-day MA at 1.0851 and 21-day MA at 1.0896

  • EUR/USD likely to consolidate ahead of key US non-farm payrolls today

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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