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May 28 - 08:55 PM

EUR/USD - Topside Failure As Yield Spreads Tightened

By Andrew M Spencer  —  May 28 - 07:45 PM
  • -0.05% after closing flat with the U.S. dollar closing up 0.05%

  • Spiked to 1.0889 in Europe, then retreated as UST yields climbed

  • Yield spreads widened, 10yr bund +4bp 2.589%, 10yr UST +7bp 4.542%

  • Inflation expectations eased in Europe, supporting a June ECB cut

  • Charts - momentum studies flat-line, as 21-day Bollinger bands contract

  • Mixed 5, 10, & 21-day moving averages - topside failure left a neutral setup

  • A close below the 1.0810 21-day moving average would be a bearish signal

  • 1.0810 21-DMA and Tuesday's 1.0889 top are initial support/resistance

  • 1.0835/40 1.518 BLN and 1.0875/80 2.327 BLN close strikes for May 29th

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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