Biggest drop since March 2020
Moving on, EURUSD is on its way to regain 1.17 this month, when it successfully closes above 1.1440s this week, which coincides with the May trendline resistance, the 100-DMA and the summer channel top in the Bund-Treasury spread.
All of the above is considered "cheap talk" when you read it after-the-fact. Yet, we've reiterated to our WhatsApp Broadcast Group to stay long GBPUSD since Friday, with the right shoulder support at 1.3350, paving the way for 1.37 into BoE week. And that's where we're heading.
Yes, we have NFP and all that noise tomorrow. We could see a very ugly number (near -20K instead of +150K) due to Omicron absenteeism, but that should have a limited USD impact.
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