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Oct 06 - 09:55 AM

EUR/USD: Through The Breakdown (Now Resistance) Area; What's Next? - Citi

By eFXdata  —  Oct 06 - 08:30 AM

Citi discusses EUR/USD outlook and flags a scope for further gains in the near-term.

"EURUSD is just through the breakdown area (now resistance) at 1.1774-1.1793 (including the 55-day MA at 1.1786), to trade around 1.17.92-1.1804.

CitiFX Technicals notes that a close above this range, would at minimum temper the recent period of USD strength and could ultimately call into question further USD gains," Citi nots. 

Note on flows, the short EUR positioning from the prior week was all but eliminated with net buying among Citi’s leveraged clients for the first time in almost a month per the CitiFX Positioning Indicator," Citi adds. 

Source:
Citi Research/Market Commentary

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