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Jun 30 - 01:55 PM

EUR/USD - Dollar Uptrend Delayed By EUR/USD's Inability To Break Key Lows, Yet

By Randolph Donney  —  Jun 30 - 12:05 PM

  • Dollar index rallied early to 105.54 toward June's 105.79 20-yr high

  • But early gains became a modest losses after EUR/USD held crucial support

  • EUR/USD 1.0381 EBS low found bids above June, May & 2017 lows @1.0359/49/40

  • Slightly weaker-than forecast U.S. data didn't help the dollar nL1N2YH162

  • Even though 2-yr bund Tsy yield spreads fell to their lowest since May 16

  • Qtr-end book-squaring came sans a 1.0340-59 breakdown or 105.79 breakout

  • Drop in energy prices also sapping dollar of some strength

  • Bullish weekly USD index candlestick if weekly close is above 104.67

  • 10-DMA and 10-WMA props are at 104.45/3.58. Daily kijun also at 103.54

  • Euro zone June CPI and U.S. June ISM mfg on tap Friday

  • But Tues's ISM non-mfg, JOLTS and Fed minutes are next key event risks

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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