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Apr 29 - 01:55 AM

EUR/USD - Gives Back Early Gains As Sellers Cap At 1.2150

By John Noonan  —  Apr 28 - 11:48 PM
  • EUR/USD opened 0.26% higher after surging on the back of a dovish Fed nL1N2ML3DZ

  • EUR/USD closed at 1.2125 and completed a bullish outside day reversal

  • It also closed above a trend-line @ 1.2114 drawn from Jan 6 high @ 1.2349 nL4N2ML64V

  • USD selling continued in Asia with EUR/USD trading to 1.2150

  • Sellers @ 1.2150 encouraged a bout of profit taking while USD broadly firmed

  • EUR/USD gave back early gains and is trading at 1.2125 into the afternoon

  • EUR/USD trend higher looks well supported for the short-term at least

  • Resistance is at the 76.4 of the 1.2349/1.1704 move at 1.2196

  • Support at 10-day MA at 1.2063 and break would ease upward momentum

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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