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Aug 10 - 08:55 PM

EUR/USD - Breaks Higher After Softer US CPI USD Bulls

By John Noonan  —  Aug 10 - 07:10 PM
  • EUR/USD opens +0.84% after USD slid in the wake of softer US CPI nL1N2ZM1U0

  • Break above top of recent range (1.0294) sent EUR/USD to 1.0369

  • The 50% of 1.0787/0.9952 at 1.0369 validated by subsequent pullback

  • More resistance is at the 55-day MA at 1.0373

  • EUR/USD opens just above recent range high at 1.0297, which is support

  • EUR/USD trending higher with 5, 10 & 21-day MAs in a bullish alignment

  • A break below the 10-day MA at 1.0226 would warn of false break

  • Key will be the shaping of Fed expectations ahead of Sep 21 FOMC

  • After softer US CPI market priced out chance of a 75 BP hike in September

  • Fed officials still vigilant on inflation pressures nL1N2ZM1YK

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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