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Jun 03 - 05:55 AM

EUR/USD - Rally Will Likely Resume After NFP Data

By Jeremy Boulton  —  Jun 03 - 03:47 AM
  • EUR/USD has been weighed by profit taking this week

  • EUR/USD longs are traders' largest bet and NFPs due Friday are big risk

  • Some liquidation was highly likely before the data and it emerged

  • Correction is modest and bull trend is strong

  • 38.2% Apr-May rise 1.2156, 23.6%/38.2% Mar-May rise 1.2130/1.2049

  • Mid-20-day Bollinger bands 1.2179, lower band 1.2086

  • 1.2050 would be ideal spot for pre-NFP correction, 2021 peak may follow

  • Strong NFP likely to fuel gambling over USD rise, so boost EUR/USD longs


EURUSD Click here

EUR/USD Click here

Source:
Refinitiv IFR Research/Market Commentary

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