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Jun 04 - 03:55 AM

EUR/USD - Dented By Profit Taking Laying Foundation For Rebound

By Jeremy Boulton  —  Jun 04 - 02:36 AM
  • Profit taking is common ahead major events, few bigger than NFPs

  • EUR/USD down from Tuesday's 1.2254 peak to 1.2105 today

  • 1.2133 and 1.2050 are minor correction targets for rise from March low

  • Lower band 20-day Bollingers is 1.2072

  • Profitable trades are very often re-established especially when levels suit

  • Dip buying highly likely to be popular with FX traders

  • 1.2040-70 looks prime territory for buyers and launch pad for next upleg

  • Spending fuels gambling. That's why EUR/USD will rise nL2N2NL0JL

  • Related CNH comment nL2N2NM0CD




EURUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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