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Jul 22 - 11:55 AM

EUR/USD - COMMENT-EUR/USD Death Cross Delayed After US Claims, ECB

By Christopher Romano  —  Jul 22 - 10:13 AM

EUR/USD was on the verge of a technically bearish death cross formation, with the 50-day moving average about to slide below the 200-DMA, ahead of Thursday's ECB outcome, but meeting's aftermath and unexpectedly high U.S. jobless claims could delay that potentially ominous chart signal.

Investors were expecting a dovish ECB outcome, but despite new inflation focused guidance nECBGUIDA EUR/USD bears were not inspired to become more aggressive.
President Christine Lagarde's news conference sent mixed signals but provided no new impetus for a move lower nL8N2OY4I5.

German bond yields pulled off their lows and while euribor futures prices dropped from their highs.

An unexpected rise weekly U.S. jobless claims nL1N2OX1Y5 helped drive U.S. rates lower.
The 10-year yield fell from its session high while December 2022 eurodollar prices rallied off their low.

EUR/USD rallied above the 10-DMA and July 19 daily high, helping to reinforce some short-term bullish tech signals.

Daily RSI lifted further away from oversold territory and Wednesday's daily doji candle was followed by a rally Thursday.

The longer-term trend remains bearish, but a corrective bounce seems likely, which could delay completion of the death cross.

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Source:
Refinitiv IFR Research/Market Commentary

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