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Nov 12 - 10:55 PM

EUR/USD - Pauses For Breath, But The Downtrend Remains Strong

By Andrew M Spencer  —  Nov 12 - 09:45 PM
  • Steady in a 1.0611-1.0629 range with the USD off 0.1%, as UST yields eased

  • As the US prices inflationary Trump policies yield differentials cap EUR/USD

  • No tier 1 EZ data, so EUR/USD will be driven by U.S. CPI and UST yields

  • Charts - daily momentum studies fall as 21-day Bollinger bands expand

  • 5, 10 & 21-day moving averages fall, signals show a bearish trending setup

  • Tuesday's 1.0663 top then Monday's 1.0728 high are initial resistance

  • 1.0608, 0.382% of 2022/2023 rise and 1.0601 2024 low held - major support

  • Close below Tuesday's 1.0595 low would target the 1.0448 2024 base

  • 1.0600 2.109 BLN 1.0625/30 1.467BLN and 1.0650 1.3700 BLN - Nov 13 strikes

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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