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Oct 25 - 08:55 PM

EUR/USD - Poised To Move Higher After Closing Above Down-Trend Line

By John Noonan  —  Oct 25 - 06:45 PM
  • EUR/USD opens +0.94% after US yields eased on weak US data nL1N31Q29Y

  • It closed 0.9969 above key down-trendline resistance at 0.9942

  • The positive development suggests a bottom has formed to probe higher

  • Sellers are tipped around 1.0000 and break would confirm bullish break

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

  • Support is at the 10-day MA at 0.9843 and 21-day MA at 0.9815

  • EUR/USD to remain bid while market believes Fed will scale back rate hikes

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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