EUR/USD has the 55-DMA at 1.1976 in its sights – OCBC
|EUR/USD is trading below 1.19 as tension mounts towards the release of US inflation figures, which may show a significant increase, moving 10-year US yields and causing another dip in the EUR/USD pair, according to economists at OCBC Bank.
US Consumer Price Index figures for March are in the spotlight
“Market reaction to the US CPI (12:30 GMT) may provide the next lead of the sideways EUR/USD. If that data release catalyses another move in the 10y yield sustainably above 1.70%, we may see another leg lower in the pair. On the flip side, if reaction is muted, the EUR/USD may be encouraged higher.”
“The technical picture leans slightly bullish at this juncture, with the immediate target at the 55-day MA (1.1976).”
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