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EURUSD Forecast and Key Levels Of The Day

EURUSD started the day with a recovery.

Yesterday, the bearish move happened even though Italy’s deputy prime minister Luigi Di Maio told Radio Radicale that his government is open to reducing the budget deficit. The bond markets responded positively to DI Maio’s comments. For instance, the spread between the Italian 10-year government bond yield and its German counterpart fell to 285 basis points – the lowest level since Oct. 5.

The EUR, however, was not impressed, possibly due to an uptick in the treasury yields. The 10Y Bond yield, for instance, jumped five basis points to 3.08 percent, likely due to fears that the scheduled speeches by the Fed officials, along with the FOMC minutes may call for a restrictive monetary policy (above-neutral interest rates).

Hawkish speech of FED members could lead the DXY above 97.20.

EURUSD is trading at 1.134000 as of writing, well below EMA 50 and MA 12 on the H4 Chart. No major macroeconomic data would be released today. Politics and FOMC Member Clarida’s speech will drive the pair today.

Key Levels Intraday:

Upside: 

1.13520 MM 0/8 & EMA 50 H1 Chart

1.13820 MM 5/8 Top of the trading range H4 Chart & Yesterday’s High

1.14120 MM 6/8 and SMA 100 on H4 Chart

Downside:

1.13220 MM -2/8 Extremely Overshoot H1

1.12910 MM 2/8 Major Pivot  Reverse H4

1.12610

 

 

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EURUSD Forecast:  Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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