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Nov 01 - 08:55 PM

EUR/USD - Choppy Consolidation Ahead Of Key Fed Meeting

By John Noonan  —  Nov 01 - 06:40 PM
  • EUR/USD opens a few pips lower after easing from early high at 0.9954

  • Fall from highs due to short-end US yields firming after strong US JOLTS nL1N31X1UV

  • It closed below the 10-day MA (0.9913) but held above the 21-day MA (0.9839)

  • A break below the 21-day MA would increase downward pressure

  • Resistance @ Tuesday 0.9954 high with key resistance at 100-day MA at 1.0066

  • EUR/USD moves today will be positioning ahead of key Fed meeting today

  • Fed expected to hike 75 BPs - so the key will be forward guidance

  • If Fed message considered hawkish, US yields and USD to move higher

  • If Fed leaves door open for smaller rate hikes it could weigh on USD

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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