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May 18 - 08:55 PM

EUR/USD - Opens Lower As Investors Flock To JPY And USD

By John Noonan  —  May 18 - 07:00 PM
  • EUR/USD opens -0.84% after growth/inflation fears sent risk assets tumbling nL2N2XA2TU

  • Investors seeking shelter bought USD and JPY and EUR/JPY fell 1.7%

  • EUR/USD closed below 10-day MA (1.0492 Wed) to shift pressure to downside

  • Once again EUR/USD found sellers at key 21-day MA which is at 1.0554 today

  • The 10-day MA comes in at 1.0486 and is close resistance

  • Support is at Tuesday's 1.0429 low and break targets 1.0340/50

  • The May 13 low is at 1.0349 and the 2017 trend low is at 1.0340

  • Selling rallies as stagflation concerns intensify is the favoured strategy

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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