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Nov 21 - 07:55 PM

EUR/USD - Opens Lower As Supporting Factors Fade

By John Noonan  —  Nov 21 - 06:00 PM
  • EUR/USD opens -0.84% as USD broadly strengthened on global growth concerns nL1N32H1UH

  • EUR/USD rise was due to hope of Fed pivot and global and unwinding of safe-haven

  • Those factors have faded in recent days and USD shorts are paring back

  • The 5-day MA has turned lower - due to waning upward momentum

  • EUR/USD closed below the 10-day MA at 1.0281 to suggest a top is forming

  • Support is at the 38.2 of the 0.9730/1.0481 move at 1.0194

  • Key support is at 1.0100/05 where the 21-day MA at 50% retracement converge

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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