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May 12 - 08:55 PM

EUR/USD - Long Term Support In View, As Strong USD, Yen Weighed

By Andrew M Spencer  —  May 12 - 07:20 PM

  • Steady early after falling 1.25%, recording a fresh 1.0354 trend low

  • Combination of broad USD strength and unwinding of long EUR/JPY weighed

  • Energy supply fears nL2N2X40WB, prolonged Ukraine war weighs nL3N2WY13J

  • Bad news continues to dominate the narrative in Europe, weighing on the euro

  • Charts; daily momentum studies, 5, 10 and 21 day moving averages slide

  • 21 day Bolli bands fall, bearish setup suggests a break of 1.0340 2017 low

  • Close above 1.0615 21 DMA to end the downside bias - no close option strikes

  • 1.0354 NY low and 1.0464, 38.2% of the May fall initial support, resistance

For more click on FXBUZ


eur May 13 Click here

Source:
Refinitiv IFR Research/Market Commentary

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