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Oct 09 - 04:55 PM

EUR/USD - Close Above 1.18 Sets The Stage For A 1.19+ Test

By Randolph Donney  —  Oct 09 - 02:55 PM
  • EUR/USD looks set to close above 1.1800 due to dollar weakness

  • Also eying first close above the 50%% Fibo of Sept's slide at 1.1813

  • Rally premised on U.S. fiscal relief, dollar funding global risk-taking

  • Relief bill may not happen pre-election nL1N2H00UQ

  • But cross asset pricing is for an eventual deal and weaker dollar

  • Next hurdles are the 61.8% Fibo and daily cloud top at 1.1861/71

  • Bigger prize is retest of 2020's peak by 161.8% Fibo nL1N2H00N2

  • Euro shrugging off pandemic threats nP6N2GK00VnS8N2F503EnL1N2H00N2

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Source:
Refinitiv IFR Research/Market Commentary

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