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May 12 - 08:36 PM

EUR/USD - Charts Turning Negative, But Strikes Support

By Andrew M Spencer  —  May 11 - 08:40 PM
  • Flat after closing -0.4% - USD firmed on risk off coronavirus 2nd wave fears

  • Markets quiet so far, E-Mini S&P -0.2%, Nikkei +0.1% and WTI oil +1.3%

  • Charts; mixed momentum studies, 5, 10 & 21 DMAs slip - net negative

  • 1.0745 lower 21 day Bolli band, good indicator of over sold market

  • Lower 21 day Bolli band tested repeatedly since March - resilient support

  • Close above 1.0858 falling 21 DMA would be a positive signal

  • Last week's 1.0766 low and NY 1.0843 high initial support-resistance

  • 1.0790 500M, 1.0800-05 1.3BLN, 1.0835 250M, 1.0870-80 2.3BLN close strikes

eur may 12 IMAGE Click here

Source:
Refinitiv IFR Research/Market Commentary

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