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Nov 17 - 01:55 PM

EUR/USD - Price Action Belies Technical Signals

By Christopher Romano  —  Nov 17 - 12:20 PM
  • EUR/USD down Thursday with help from hawkish Fed comments nL1N32D0ZT

  • Pair broke below the Nov. 16 daily low, hit 1.0306 on EBS before bouncing

  • Despite today's downside price action technicals highlight upside risks

  • EUR/USD consolidating gains off the Nov. 3 low while trading below 200-DMA

  • Consolidation is a healthy development for the recent up trend

  • Daily RSI gets a chance to unwind overbought condition during consolidation

  • Monthly RSI is rising & nowhere near overbought, l-t upward momentum remains

  • Longer-term technicals typically trump short-term signals

  • EUR/USD close above 200-DMA, 1.0480/00 implies consolidation is complete

  • June & May 2022 monthly highs are then targeted by EUR/USD bulls

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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