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May 13 - 05:55 AM

EUR/USD - Supported By Improved Sentiment But Vulnerable

By Peter Stoneham  —  May 13 - 04:10 AM
  • Squaring after big Thurs drop plus improved sentiment underpinning

  • Optimism resurfaced in Asia, E-mini S&P +1.13%, Nikkei +2.5%, AsiaxJP +1.6%

  • This theme leading into a positive open for DAX, CAC and FTSE

  • U.S. bond yields firmer but still down from Monday's high: 10s @ 2.9149%

  • Dollar index drifts off its 1.0492 20-year high but no reversal signal

  • Only a modest recovery so far and negative backdrop will continue to weigh

  • Dollar has not finished with Europe and EUR/USD remains vulnerable

  • A minimum correction off the 1.1185-1.0354 Mar 31-May 12 drop is at 1.0550

  • Little support until 1.0340 Jan 2017 low: possibly the gateway to parity

    For more click on FXBUZ






EUR/USD daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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