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Post-PMI Sell-Off Accelerates

EURUSD

Having rallied higher on strong volumes earlier in the session, the turnaround in EUR/USD on the better-than-expected US PMIs continues, with the rate reverting back toward 1.1850 after trading as high as 1.1906 in European hours.

This works against the bullish outlook in the pair, exposing the 20-day EMA at 1.1813 as first support ahead of 1.1746 - the Nov11 low. Optionality in the pair is light in the coming week - with the larger strikes rolling off on Thursday at $1.1740-50(E1.7bln) and $1.1850-60(E1.35bln).

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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