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Oct 11 - 03:55 PM

EUR/USD - Momentum Below A Key Fibo Can't Be Sustained

By Christopher Romano  —  Oct 11 - 01:40 PM
  • EUR/USD fell below the 61.8% Fib of 0.9528-0.9999, hit an 8-day low

  • 0.9670 hit on EBS overnight, NY opened near 0.9710, rally extended

  • Softening in US rates EDH3 help drive US$ selling & risk-on trading

  • Safe-haven sales drove USD/CNH below 7.1500 & EUR/JPY above 142.15

  • Stock ESv1 & commodity HGv1 turning positive reinforced risk-on

  • EUR/USD turned positive, broke Monday's high, struck 0.9774 on EBS

  • Daily RSI diverged, daily bull engulfing candle formed, concern for shorts

  • EUR/USD investors should stay focused on long term variables nL1N31C17O

  • US September PPI & CPI risks & impact on Fed policy are now in focus

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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