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Jan 31 - 07:55 PM

EUR/USD - Volatile As Key Support Held, But A Negative Setup

By Andrew M Spencer  —  Jan 31 - 06:10 PM
  • Steady after closing off 0.25% - volatile - US markets expect a May Fed cut

  • Yields fell, spread tightened, 10yr bund -11bp 2.168%, 10yr UST -14bp 3.918%

  • Euro area governments smash bond sale records - buyers look for lower yields

  • Charts; daily momentum studies edge lower, 21-day Bollinger bands expand

  • 5, 10 & 21-day moving averages slide - daily charts show a negative setup

  • Major support at 1.0793 50% of the October/December rise provided a base

  • Close below 1.0790 would target a test of the 1.0723 December low

  • 1.0887 New York high and 1.0893 21 day moving average are key resistance

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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