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Aug 11 - 07:55 AM

EUR/USD - Huge EUR/USD Support/barriers Vulnerable But Resilient

By Richard Pace  —  Aug 11 - 06:15 AM
  • EUR/USD extends Tues new low since March 31 at 1.1710 to 1.1706 (EBS) Wed

  • Rebounds limited to 1.1725, keeping pressure on the downside before U.S. CPI

  • Well touted EUR/USD tech support, option barriers by 1.17 hold nL1N2PI0E1

  • Barriers help limit recoveries too, as defenders buy USD to sell pre 1.1700

  • U.S. CPI data should prove key if 1.1700 is still holding as data released

  • Weak print to remove pressure, but beat could prove catalyst for 1.17 break

  • USD buyers likely waiting for any setback toward 1.1800 and 21-dma 1.1805

  • FX options not complacent, but downside conviction still low nL1N2PI0IV

For more click on FXBUZ


EUR=EBS Click here

Source:
Refinitiv IFR Research/Market Commentary

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