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Jun 09 - 08:55 PM

EUR/USD - Bearish Outside Day As Sovereign Debt Concerns Trump Hawkish ECB

By John Noonan  —  Jun 09 - 07:25 PM
  • EUR/USD opens -0.92% after completing a bearish outside day reversal

  • Initial strength after hawkish ECB message failed ahead of key resistance nL1N2XW0AB

  • Steep fall followed as ECB failed to take steps to avoid fragmentation nF9N2WY003

  • Concerns peripheral EZ yields will widen against bund yields intensified

  • EUR/USD topped at 1.0774 - short of key 38.2 fibo at 1.0786

  • The close below the 21-day MA (1.0646) portends more weakness

  • Minor support at 50% of 1.0349/1.0787 move at 1.0568

  • More support at the 61.8 of that move at 1.0516 and break targets 1.0349

  • The 21-day MA at 1.0646 is now resistance on rallies

  • US CPI later today and reaction in US Treasury yields focus later today

  • For more click on FXBUZ









Source:
Refinitiv IFR Research/Market Commentary

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