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May 04 - 04:55 AM

EUR/USD - Will Probably Begin June With A Twist

By Jeremy Boulton  —  May 04 - 02:39 AM
  • EUR/USD will likely gravitate towards a daily Ichimoku cloud twist

  • Cloud twists at 1.1970-74 on Jun 1, 38.2% Mar/Apr rally is 1.1980

  • Volatility is low (5.4 EUR 1 moth) weighing on funding currencies like EUR

  • China/Japan holidays are currently suppressing activity

  • EUR/USD rally has lost momentum with correction underway

  • Traders net long equiv $12.1 billion, profit taking likely IMM/FX

  • Deeper pullback targets for Mar/Apr rise are; 1.1927, 1.1875, 50/61.8% fibos


EURUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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