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Oct 27 - 04:55 PM

EUR/USD - Bulls Run Out Of Gas With Dollar, ECB Help

By Christopher Romano  —  Oct 27 - 01:50 PM
  • EUR/USD hit 1.00935 on EBS overnight, NY opened near 1.0050, slide extended

  • Overnight drop aided by US rate, US$ rise; ECB aided the slide in NY

  • ECB hiked 75bps as expected; likely drove buy the rumor sell the fact trade

  • EZ rates FEIU3DE2YT=RR slid as some investors saw as ECB not as hawkish

  • Pair traded to 0.9970 on EBS and held nearby late in the session

  • Further drop likely avoided as US rates, US$ softened on data nL1N31R2Q5

  • Techs mixed; daily RSI falls & monthly rises, pair above 10-, 21-, 55-DMAs

  • EUR/USD's post-ECB fall may be a buying opportunity nL1N31S1M2

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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