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EURUSD Back Below Parity, Approaches Key Support At 0.9952

EUR
  • EURUSD has come under further pressure on Monday as weakness across equity markets and higher core yields strengthen the renewed bullish momentum for the greenback seen over the past two weeks. The pair is now trading comfortably back below the psychologically significant parity mark.
  • The European energy crisis and ongoing fears regarding the growth outlook continue to act as strong fundamental headwinds for the single currency.
  • Furthermore, the inability to close back above the key 1.0341/59 zone in mid-August would have been a welcome development for bears and has exacerbated the steady, near 4%, grind lower since August 11.
  • Key support to watch lies at 0.9952, the July 14 low, a break of which will significantly strengthen the bearish outlook. Below here, the next notable support resides at 0.9883, the 1.764 projection of the Jun 9 - 15 - 27 price swing.
  • Key short-term focus will be on the European flash PMI’s out tomorrow morning with particular focus on Germany, given the developments over gas prices, Rhine water levels and inflation crimping business confidence indicators. Attention then turns to Jackson Hole and associated commentary from Fed Chair Powell.
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