By John Noonan — Dec 12 - 05:40 PM
EUR/USD opens slightly higher after trading in at 1.0506/80 range on Monday
EUR was supported by cross flows and traded to 1.0580 early NY
It then reversed lower when US yields moved higher and underpinned USD
EUR/JPY ended 0.90% higher due to EUR-positive cross flows
EUR/USD support at the 10-day MA - which ascends to 1.0510 today
Sellers are tipped ahead of 1.0600 with resistance at Dec 5 high at 1.0595
EUR/USD trending higher with the 5, 10 & 21-day MAs in a bullish alignment
A close below the 10-day MA would warn trend higher is losing momentum
A break below the 21-day MA at 1.0426 would signal the trend is over
EUR/USD likely to range trade ahead of US CPI later today
For more click on FXBUZ
Source:
Refinitiv IFR Research/Market Commentary