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EURUSD Remains In Downtrend, Germany Factory Orders Data Provides Some Early Support

EUR

The comfortably firmer-than-expected German factory orders data biases the EUR/USD firmer to start the week. The pair was already moving that way in Asia-Pac hours given the uptick in Chinese equities/broader USD downtick.

  • Spot trades as high as $1.0762, building on the recovery from what is now initial technical support at yesterday’s low ($1.0723).
  • Initial resistance comes in at Friday’s high ($1.0898).
  • Zooming out, our technical analyst notes that the pair maintains a bearish theme and Friday’s steep sell-off reinforces those conditions.
  • The ECB inflation expectations survey and Eurozone retail sales data headline the Eurozone data docket today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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