EUR/USD retreats towards 1.0600 despite upbeat options market signals – by anilpanchal7 EURUSD Options Markets RiskAppetite Fed
renews intraday low near 1.0600 as it pares the biggest daily jump in a fortnight around a six-month high heading into Wednesday’s European session. In doing so, the Euro braces for the US Federal Open Market Committee monetary policy meeting.
The RR figure of 0.070 remains in favor of the US dollar bear amid firmer expectations of the Fed’s lower rate hikes. It should be noted that the weekly RR figure of 0.025 could also be cited as supporting the pair buyers as it becomes the fourth consecutive positive reading. Technically, the EUR/USD buyer’s inability to cross a one-month-old ascending trend line, near 1.0650, joins the overbought RSI conditions to challenge the bulls. Also likely to have probed the upside momentum is the late Doji candlestick at the multi-day top. That said, the previous resistance line from December 05, near 1.0455, could restrict the immediate downside of the pair.
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