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Sep 05 - 01:55 AM

EUR/USD - Falls As EU Energy Crisis Deepens, But 0.9900 Holds

By John Noonan  —  Sep 04 - 11:35 PM
  • EUR/USD opened 0.9955 after closing flat at 0.9956 on Friday

  • It fell early Asia as weekend news suggested EU energy crisis was worsening nL1N30B07V

  • It was offered through the morning and traded down to 0.9901 at one stage

  • Talk of option bids ahead of 0.9900 underpinned and it settled around 0.9915

  • The EUR/USD has bottomed on numerous occasions ahead of Aug 23 low at 0.9900

  • A break below 0.9900 may see a wave of selling with scant technical support

  • EUR/USD outlook negative as rising energy costs and hawkish ECB threaten economy

  • Only a break above the 10-day MA at 0.9975 would ease the downward pressure

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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