By Christopher Romano — Mar 08 - 12:18 PM
US 10-yr yield rise, eurodollar price drop drives broad based US$ buying
EUR/USD breaks below the 61.8% Fib of 1.1602-1.2349, hits 3.5-month low
Trend line off the 2011 yearly high is getting probed from the topside
Daily RSI oversold, not diverging; monthly RSI falls, bear momentum intact
Rally sellers likely becoming more aggressive, could be lowering offers
1.1885/95 area was old support, likely now to turn into resistance
That zone could see rally sellers now placing offers there
Test of 200-DMA & 1.1750/80 support zone seem probable
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Source:
Refinitiv IFR Research/Market Commentary