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Sep 15 - 04:55 PM

EUR/USD - Short Covering Drives Gains, Broader Trend Remains Downward

By Christopher Romano  —  Sep 15 - 01:40 PM
  • EUR/USD opened NY near 1.0655 after rallying overnight, rally extended

  • 1.0688 hit on EBS despite US yield US2YT=RR, US$ gains after data

  • Pair held most of the days gains on short covering, lower USD/CNH

  • Equity ESv1, commodity DCIOc2 drops couldn't counter short covering

  • Daily RSI is rising which implies short term upward momentum

  • Monthly techs remain bearish however, rallies are likely to be sold

  • September global PMIs due next week, if Europe's is weak euro may fall

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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