Euro holds on to modest gains above 1.0400, corrective advance could extend to 1.0470 EUR EURUSD $EUR $EURUSD
, which rose 2.1% MoM and 23.8% YoY, much worse than anticipated. The EU published the March Trade Balance, which posted a seasonally adjusted deficit of €17.6 billion. Finally, the US NY Empire State Manufacturing Index plummeted to -11.6 in May, down from 24.6 previously.
In the near term, and according to the 4-hour chart, the pair is neutral-to-bearish. The Momentum indicator is advancing around its midline, while the RSI indicator is flat at around 43. A firmly bearish 20 SMA has capped advances, while the longer ones maintain bearish slopes above it, all of which keep the risk skewed to the downside. The corrective advance could continue towards 1.0470, the former yearly low and the immediate resistance level.
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