Citi: Spot EUR: European open: Take a bath

From the FXWW Chatroom: The Fed was about as dovish as you can be while hiking.  They lowballed all of the strong data and the dots were little changed.  As a result, the USD took a bath along with US FI and now we are through some key resistance levels in EURUSD and looking towards some more at 1.0820-50 region.  I am short USD elsewhere and looking to buy a dip in EURUSD towards 1.0675 today with a stop below 1.0600.  Peter Praet was quite hawkish (for him) yesterday and the ECB continues to execute a very slow pivot.
Technically EURUSD has broken the topside resistance and looks like it wants to test 1.0820.  Key support now comes in at the 100 day MA at 1.0650 and yesterday’s low at 1.0600.

View the latest market information in the FXWW Chatroom with a free trial.

Leave a Reply

Your email address will not be published.