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EUR/USD Trades With Downward Bias, Matches Friday’s Low

EUR
  • Despite the brief dip for the greenback at the beginning of the US trading session, the dollar has been slowly grinding higher over the past two hours. EURUSD now sits half a percent lower on Tuesday keeping the trend condition bearish following the recent extension of the bear leg that started Apr 26.
  • Following the break of the 50-day EMA, at 1.0879, this has strengthened bearish conditions and signals scope for a continuation lower towards 1.0737 next, a Fibonacci retracement. Clearance of this level would place the focus on 1.0713, the Mar 24 low. A firm resistance is now seen at 1.0899, the 20-day EMA.
  • As a reminder this morning, the eurozone aggregate May PMIs pointed to continued strength in services, whilst manufacturing dipped deeper into contractive territory. The outperformance of services vs manufacturing was the largest divergence since 2009.
  • Looking ahead, German IFO data will cross the wires on Wednesday. The focus for the US docket will be on the FOMC minutes, as well as any revisions to Q1 growth data and US Core PCE Price Index data later in the week.
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