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Jun 04 - 05:55 AM

EUR/USD - COMMENT-FX Traders Should Beware EUR/USD Usually Climbs In June

By Martin Miller  —  Jun 04 - 03:50 AM

FX traders should note that EUR/USD usually closes in positive territory in June and this will likely be the case again in 2024.

A study of the EUR/USD's performance for each June since 2000 shows it has risen in 15 of the last 24 years, highlighting a seemingly inbuilt structural strength.
Seasonality should not be considered in isolation, but it's a useful tool combined with other factors.

The dollar languished at its lowest since March against the euro on Tuesday as signs of a softening U.S. economy boosted the case for earlier Federal Reserve interest rate cuts.
This is underpinning EUR/USD.

As EUR/USD continues to trade above the daily cloud, which currently spans the 1.0712-1.0791 region, the overall bias remains on the upside.
The scope is growing for much bigger gains to eventually break above the 1.0934 Fibo, a 61.8% retrace of the 1.1139 to 1.0602 (EBS) drop.

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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