EUR/USD SHORT CONFIDENCE 1.05000
EUR/USD erased meager overnight gains and turned lower Friday, with a growing list of bearish influences increasing the probability support near 1.0500 will come into play.
The potential for the ECB to cut ahead of and more than the Fed increased the dollar's yield advantage over the euro.
German-U.S.
2-year spreads widened and neared the base of the range they've been in since September.
Should geopolitical tensions flare-up and spreads break the range base, EUR/USD's slide could intensify as investors opt for the safety of the U.S.
EUR/USD shorts could then have the confidence to push the pair towards 1.0450/1.0500.
- EUR/USD drops below 2024 low at 1.0695 reaching 1.0682 EBS
- Break will spur tech related selling and
- Break of 1.0650 - 76.4% 2023-24 rise would target 1.0517
- Drop below 1.0596 would target 1.0448 - base ahead Sep-Dec surge
- Gold surged to a record high shortly ahead USD's rise
- Uncertainty about US rate path will support USD
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