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Greenback Recovers Off Bottom, EUR/USD Nears Pivot Support

USD
  • Greenback reversing off the lowest levels of the session headed into the London close, although volume and activity in currency futures markets is thinning out headed through the various early closes.
  • Despite today's truncated sessions, futures volumes are faring pretty well, with EUR ECH4 posting 95% of the cumulative average for this time of day.
  • 15-minute candlestick chart shows 1.1002 as pivot support on any further intraday pullback, ahead of 1.0994.
  • More medium-term, moving average conditions continue to lean bullish, with the 50-dma narrowing in on the 200-dma pretty swiftly. The formation of a golden cross (50- crossing over the 200-dma) would be the first since this time last year, which presaged the upleg from ~1.06 to ~1.10.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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