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May 12 - 09:55 PM

EUR/USD - Positive Setup Despite Rising Yield Spreads

By Andrew M Spencer  —  May 12 - 07:40 PM
  • Steady early after closing down 0.1% with the USD 0.1% firmer

  • Yield spreads widened, 1-yr Bund +3bp 2.520% and 10yr UST +6bp 4.504%

  • US inflation expectations climbed with Europe set to cut in June

  • Divergent yield spreads likely priced but should cap EUR/USD strength

  • Charts- 5, 10, and 21-day moving averages and momentum studies climb

  • 21-day Bollinger bands rise - daily charts show a positive setup

  • 1.0809 upper 21-day Bollinger band and recent 1.0812 high key resistance

  • Friday's 1.0760 low and then Thursday's 1.0724 base are initial supports

  • 1.0750 3.531 BLN and 1.0755 1.367 BLN close major strikes for May 13th

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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