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May 01 - 11:55 PM

EUR/USD - Drifts Lower Through Quiet Asian Session

By John Noonan  —  May 01 - 11:30 PM
  • EUR/USD opened 1.0560 after closing Friday +0.41% at 1.0542 nL2N2WR2F0

  • The early strength was fleeting as EUR/USD drifted lower through the morning

  • Heading into the afternoon it is trading at the session low around 1.0520

  • Trading was thin and whippy with much of Asia on holiday today

  • EUR/USD is trending lower with the 5, 10 & 21-day MAs in a bearish alignment

  • Only a break above the 10-day MA at 1.0675 would ease the downward pressure

  • Support is @ last week's 1.0469 low and break would target 2017 low @ 1.0340

  • EUR/USD may consolidate ahead of FOMC meeting and other event risks nL2N2WU00G

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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