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Jan 16 - 07:55 PM

EUR/USD - French Progress, Yen Strength, Huge 1.0300 Strikes

By Andrew Spencer  —  Jan 16 - 06:40 PM

• Steady - closed +0.15% with the USD off 0.1%, as UST yields eased

• Strong yen capped USD - BOJ hike hopes fuelled repatriation - EUR/JPY -0.8%

• French PM Bayrou survived a no-confidence vote, though many obstacles remain

• Charts - positive daily momentum studies, 21-day Bollinger bands ease

• 5, 10 & 21-DMAs coil, weekly moving averages fall - downtrend has stalled

• Wednesday's 1.0354 top then last week's 1.0437 high are initial resistance

• 1.0195 0.618% of 2022/2023 rise then Monday's 1.0177 base are first supports

• Bulls need a close above last week's 1.0437 high to get excited

• 1.0300 4.517 BLN Jan 17th strikes a likely magnet in Asia
Andy


(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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