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Jun 29 - 08:55 PM

EUR/USD - Opens Lower As Strong USD And Cross Flows Weigh

By John Noonan  —  Jun 29 - 08:05 PM
  • EUR/USD opens -0.75% after EUR was worst performing major currency

  • USD broadly strengthened after Fed Chair Powell reiterated hawkish outlook nF9N2WY011

  • EUR/CHF selling took cross below parity to a 15-year low

  • EUR/USD closed below support at 1.0470 and now targets June 15 low at 1.0359

  • More support is at the 2022 low at 1.0349 and 2017 trend low at 1.0340

  • EUR/USD trending lower with the 5, 10 & 21-day MAs in a bearish formation

  • A break above the 10-day MA at 1.0517 would ease the downward pressure

  • EUR likely to remain pressured by diverging central bank expectations

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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