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Aug 10 - 09:55 PM

EUR/USD - Opens Little Changed After Volatile Session

By John Noonan  —  Aug 10 - 07:50 PM
  • EUR/USD opens a few pips higher after giving back some hefty gains

  • It shot up to 1.1065 after softer US CPI before reversing lower nL1N39R1CK

  • Reversal lower was due to rebound in US yields after initial dip nL1N39R2KM

  • EUR/USD fall was cushioned by EUR/UJPY buying - as cross hit a 15-year high

  • EUR/USD topped out at the 21-day MA, which was 1.1065 yesterday

  • The subsequent fall validates the 21-day MA as key resistance

  • The 21-day MA descends to 1.1053 today

  • EUR/USD price action of late keeps reverting back to the 10-day MA (1.0978)

  • Support is at the 100-day MA at 1.0930 and close below would be bearish

  • A close below 1.0930 targets the 61.8 of 1.0635/1.1276 at 1.0879

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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