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May 26 - 01:55 PM

EUR/USD - Signals Indicate Longs Should Reign

By Christopher Romano  —  May 26 - 12:05 PM
  • EUR/USD dips are becoming shallow, 1.0663 hit on EBS before bounce ensued

  • Pair turned positive and rally extended toward the May 25 daily high

  • EUR/USD longs are very encouraged as tech signals indicate rally is due

  • 10-DMA crossed above 21-DMA, consolidation of gain off May 13 low persists

  • Daily & monthly RSIs rising, large monthly bull hammer candle is in place

  • US Apr core PCE risk looms for Friday, if a key price indicator for the Fed

  • If rally resumes after the data 1.0755/75 resistance zone likely breaks

  • April 14 low, 50% Fib 1.1185-1.0349, 55-DMA all sit in that zone

  • Break of that resistance likely targets 1.0850/65, 1.0950/1.1000 areas

  • For more click on FXBUZ

eurusd Click here

Source:
Refinitiv IFR Research/Market Commentary

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