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The Euro rejected at the 1.10 resistance, bears back in control – EUR/USD Market Outlook – 22/05/2020

SquaredFinancial

The Euro touched our 1.10 resistance level and pulled back after the US Dollar attracted haven bids amid US-China geopolitical tensions. The greenback will likely remain better bid in today’s session after China announced that it will not set GDP targets for 2020, denting the market sentiment, as coronavirus damaged the economy. On the data front, the minutes of the ECB monetary policy meeting will likely have a short-term impact on the market. From a technical perspective, 1.10 will likely be the top for now, as the bears broke the recent bullish structure favoring a move towards 1.09 and possibly lower.

Support: 1.09 / 1.0850
Resistance: 1.0950 / 1.10

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/the-euro-rejected-at-the-1-10-resistance-bears-back-in-control-eur-usd-market-outlook-22-05-2020
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