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Jun 06 - 01:55 AM

EUR/USD - Buoyant Into Today's ECB Rate Decision

By Andrew M Spencer  —  Jun 05 - 11:45 PM
  • +0.2% in a 1.0870-1.0895 range with the yen-led U.S. dollar -0.15%

  • Risk appetite is buoyant in Asia, Nikkei +0.9%, AsiaxJP stocks +1.05%

  • A 25pt ECB rate cut to 3.75% is priced in by markets, as inflation eases

  • The market focus will be on the ECB outlook and the statement's tone

  • Charts - neutral momentum studies, as 21-day Bollinger bands contract

  • 5, 10, & 21-day moving averages climb - positive setup needs progress soon

  • 1.0843 21-day moving average and last week's 1.0788 base are initial support

  • 1.0915/16 upper 21-day Bolli band and this week's high are first resistance

  • 1.0850/60 5.532 BLN, 1.0880 1.317 BLN, 1.0900 4524 BLN June 6 close strikes

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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