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May 11 - 08:55 PM

EUR/USD - Opens Slightly Higher As USD Remains On The Defensive

By John Noonan  —  May 11 - 06:52 PM
  • EUR/USD opens +0.16% after outside trading day that saw 1.2123/1.2181 range

  • USD remains on the defensive despite weak equities and higher US yields

  • FX market believes Fed will remain on hold despite rising inflation nL4N2MX530

  • EUR/USD trending higher with the 5.10 and 21-day MAs in bullish alignment

  • EUR/USD resistance at the 76.4 of the 1.2349/1.1704 move at 1.2196

  • Support is at the 10-day MA at 1.2087 and break eases upward momentum

  • Consolidation likely in Asia as market looks ahead to US CPI

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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