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EUR Narrows Gap With Key Downside Levels

EURUSD
  • EUR/USD holding close to the day's recently printed lows at 1.0773, but downside momentum is lacking as the cross looks to print lower lows for a fifth consecutive session. 100-dma has successfully contained downside so far today, crossing at 1.0771, with 1.0693 the next key downside level (Nov14 low).
  • Markets read a dovish twist into slides presented from ECB's Kazaks earlier today, who implied that the ECB outlook could change across H1 next year should the price outlook turn lower - seemingly bumping against his prior view that the need for rate cuts would not become apparent until H2.
  • EUR/GBP has similarly broken lower, showing at the lowest levels since mid-September, helping keep the 14-day RSI below 30 and flagging technically oversold conditions.
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