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May 03 - 11:55 PM

EUR/USD - Grinds Higher Ahead Of Key ECB Decision

By John Noonan  —  May 03 - 11:20 PM
  • EUR/USD opened +0.57% after US yields fell as Fed left door open for pause nL1N36Z2C8

  • After opening at 1.1062 it traded 1.1060 before tracking higher

  • Heading into the afternoon it is close to the session high at 1.1087

  • The market is pricing in a 25 bp hike by the ECB with the possibility of 50 nL8N3705BJ

  • EUR/USD closing in on the April 26 and 2023 high at 1.1096

  • A break above 1.1100 targets the 38.2 of the 2021/2022 drop at 1.1271

  • Support is at the 21-day MA at 1.0983 and a close below would warn of a top

  • Market sentiment bullish as market prices in Fed rate cuts as US banking crisis deepens nL4N3701Z4

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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