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EURUSD: Fades to New Lows - But Support Untroubled So Far

EURUSD
  • After a particularly muted start to the session, the greenback is favoured into the NY crossover, helping press both EUR/USD and GBP/USD to a new daily low. Equity markets remain solid, with the e-mini S&P just below the all time high, and pointing to another positive open on Wall Street later today. 
  • That said, there remains some caution ahead of two key events today - both the release of text for Powell's semi-annual testimony and the behind-closed-doors meeting of House Democrats, who meet in Capitol Hill from 9am local time. ABC News stated that mobile phones will be confiscated at the door - so leaks are unlikely, but markets remain on watch all the same. 
  • Recent ranges have mostly been respected, and while volumes are lighter than average - they're not too far from what you'd expected to see at this time of day (EUR futures cumulative volume sits ~15% below average). 
  • A lower close for EUR/USD today would be the first in nine sessions, with support undercutting at layered 50-/100-/200-dmas between 1.0789 and 1.0800.

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