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Oct 05 - 08:55 PM

EUR/USD - Closed Above Key Resistance - Large 1.0550 Strikes

By Andrew M Spencer  —  Oct 05 - 06:50 PM
  • Steady after closing up 0.45% amid broad-based profit taking on USD longs

  • Yield spreads widened, 10yr bund -7bp 2.875% and 10yr UST -1bp 4.720%

  • 1.0550 2.010 BLN strikes are a potential magnet in the Asian session

  • Charts; 5, 10 & 21 day, week, and monthly moving averages trend lower

  • 21-day Bollinger bands track south - signals show a strong downside bias

  • The downtrend targets a test of 1.0402, 50% of the 2022-2023 rise

  • Close above the 1.0535 10-DMA, which capped this move, was positive

  • A weekly close above 1.0535 10-DMA would be a strong positive for next week

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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