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Jun 03 - 08:55 PM

EUR/USD - Opens Lower As Short-Term Trend Higher Breaks Down

By John Noonan  —  Jun 03 - 06:38 PM
  • EUR/USD opens -0.68% after strong US data pushed US yields and USD higher nL2N2NL1OJnL2N2NL1AZ

  • Close below 21-day MA (1.2173) confirms short-term trend higher is over

  • Objective of EUR/USD correction lower is strong support around 1.2050

  • The 38.2 of the 1.1703/1.2263 move is at 1.2051 and May 13 low is at 1.2050

  • Former support at the 21-day MA at 1.2173 is now resistance

  • Market pricing in a very strong payroll number later today after ADP beat

  • Risk is for the US payroll report not meeting heightened expectations

  • For more click on FXBUZ










aud/usd Click here

Source:
Refinitiv IFR Research/Market Commentary

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