EUR/USD climbs above 1.06 to reach best levels since June 10

The euro chart is starting to look like a double bottom.

Just ahead is the 55-day MA at 1.0619.

The US Dollar is weak overall today, but the Euro and Pound are particularly strong. I’m a bit wary of price action so late in the month and without a clear catalyst. German yields are up 9.5bps today versus 5.7bps in the US, so there is some spread support, but that’s a tall order.

Europe continues to face potential catastrophe with severely reduced Russian natural gas imports and part of US LNG exports offline.

This article was written by Adam Button at

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