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May 31 - 08:55 PM

EUR/USD - Opens In Middle Of Clearly Defined Range

By John Noonan  —  May 31 - 07:25 PM
  • EUR/USD opens -0.45% after USD broadly strengthened on higher US yields nL1N2XN273

  • It fell to 1.0679 - just above 10-day MA (1.0670 Tuesday) before bouncing

  • The 10-day MA ascends to 1.0698 today and break would suggest top is forming

  • Key resistance is at the 38.2 of the 2022 high/low at 1.0786

  • A break above 1.0790 would provide fresh momentum to trend higher

  • Sentiment is mixed as rising energy costs after EU sanctions weighs

  • Hot EZ inflation data supports EUR due to hawkish ECB implications

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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