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Jan 01 - 11:55 PM

EUR/USD - Drifts Lower Ahead Of Key US Data Later In The Week

By John Noonan  —  Jan 01 - 10:00 PM
  • EUR/USD opened 1.1046 and drifted lower during a quiet Asian session

  • It has eased around 1.0% since hitting a multi-month high at 1.1139 Thursday

  • Heading into the afternoon the EUR/USD is trading around 1.1020/25

  • It is below the 10-day MA at 1.1030 - and a close below would be bearish

  • EUR/USD is correcting extreme overbought reading on the slow stochastic

  • The next support of note is at the 21-day MA at 1.0935

  • Resistance is at the Dec 28 high at 1.1139 and 2023 high at 1.1276

  • Consolidation may continue ahead of key US data this week

  • The main event will be the US non-farm payrolls Friday nL4N3DN0CM

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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