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Aug 23 - 10:55 PM

EUR/USD - Soft Early As Negative Factors Continue To Build

By Andrew M Spencer  —  Aug 23 - 08:35 PM

  • +0.05% after closing up 0.25%, as recent USD strength saw a correction

  • EZ PMI's showed that the economy has stalled as the cost of living soars

  • Tough ECB call nL1N2ZZ0EQ; drought adds to EU economic woes nL8N2ZZ3R5

  • Disparate EU-US economy, central bank response will continue to cap EUR/USD

  • 5, 10 & 21 day and week moving averages fall, mixed daily momentum studies

  • 21 day Bollinger bands expand - daily and weekly charts are bearish

  • Tuesday's 0.9900 low is initial support, then 2002 congestion around 0.9700

  • Close above 1.0163 21 day moving average needed to end downside bias

  • 0.9950 770mln are Wednesday's close significant strikes

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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