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Aug 10 - 01:55 PM

EUR/USD - Longs Are Anxious As Lines Of Defense Are Close To Falling

By Christopher Romano  —  Aug 10 - 11:59 AM
  • EUR/USD trades to a fresh 4-month low, slide stops short of the March low

  • A bounce ensues but it is meager, pair still negative on the session

  • Falling daily, monthly RSIs aren't oversold, imply downside momentum remains

  • March low, 38.2% Fibo 1.0636-1.2349, likely 1.1700 barriers are supports

  • EUR/USD longs lean on those supports but likely to exit if they break

  • US July CPI risk looms, if upside beat seen US$, US rates likely rally

  • EUR/USD drop likely accelerates, 1.1600, 1.1490/1.1510 supports then eyed

  • For more click on FXBUZ


eurusd Click here

Source:
Refinitiv IFR Research/Market Commentary

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