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Oct 23 - 11:55 AM

EUR/USD - COMMENT-EUR/USD Upside Influences Compound, Dips Being Bought

By Christopher Romano  —  Oct 23 - 10:25 AM

EUR/USD rose modestly on Friday after a euro zone PMI nL8N2HE2KA report that was just strong enough to leave bulls confident that influences from spreads, Brexit and safe-haven flows can support the euro.

The composite euro zone PMI contracted less than expected, featuring a surprisingly strong manufacturing expansion that offset a disappointing services sector performance.
Overall the data tempered some investor concerns about the economy contracting, buoying the euro.

EUR/USD was also boosted by tightening 2-year German-U.S.
yield spreads tightened and the halt in 10-year spread widening.
Data has also driven investors out of the safe-haven dollar and yen, further supporting EUR/USD.

Reports of "real progress" on Brexit nS8N2GK08C alleviated some market uncertainty, lifting risk sentiment which in turn underpinned EUR/USD.

Technicals highlight EUR/USD's upside risks.
The 10-day moving average acted as a springboard for EUR/USD, a daily bull hammer has formed, RSIs are rising and the daily cloud top has been pierced.

Should risk sentiment remain upbeat, EUR/USD could break the Oct.
21 daily high and test 1.1915/30 resistance.
A break above that zone would target September's monthly high.

For more click on FXBUZ

eur/usd Click here

Refinitiv IFR Research/Market Commentary


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