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Daily Forex Market Preview, 11/10/2018
The headline moves yesterday were seen in equity markets which plummeted (S&P down 3%) under pressure from an uptick in US yields and USD. Consequently, we saw a flight to safety which drove the bid in gold but weighed on risk currencies.
A light data calendar should see a fairly muted European morning though US CPI data due later today has the potential to further weigh on risk appetite if we see a strong number. Similarly, any US data weakness today should see some lightening up of yesterday’s bearish tone.
EURUSD intraday analysis
After briefly piercing above the 1.1545 area resistance, EURUSD has since slipped back below the level. For now, price action continues to move within a short-term bullish channel which until broken, keeps focussing on a further recovery higher. If we do see a downside break, the 1.1515 level might provide some intraday support with prior highs and lows at the level. To the topside, the 1.585 – 1.1593 is the key...
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