• NY opened near 1.0485 after pair rallied sharply overnight

• Pair fell to 1.0464 on EBS in early trading but buyers emerged

• Yields , US$ fell after Jan. S&P Global PMI, U of Mich data

• German-US spreads tightened& USD/CNH fell below 7.2400

• EUR/USD rallied, traded 1.05215, hit a 1-month high before dipping

• Pair sat near 1.0505 late in the day, traded up +0.84%

• Rally above 5- & 21-DMAs, daily cloud base gives techs a bullish lean

• Rising RSIs, monthly bull hammer reinforce bullish tech signals

• Fed meeting, US Dec. PCE & Q4 GDP and ECB meeting are key risks next week
eurusd

(Christopher Romano is a Reuters market analyst. The views expressed are his own)