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  • US yields continue to creep higher, forcing investors to de-risk across different asset classes $USD $DXY $XAU $XAG https://t.co/NNa4l6Fpql
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  • Rising yields (the aggregate yield I mentioned earlier is overlaid and inverted in red here) is dragging gold lower. The 60-day correlation (3 trading month) between $GC_F and yields is the strongest net negative since Oct 2019 https://t.co/Myo0FlsvJA
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.42% Silver: -0.47% Gold: -1.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fxdEWv4bfo
  • The Australian Dollar now risks a deeper March correction with the AUD/USD price reversal approaching multi-month uptrend support. Get your $AUDUSD market update from @MBForex here:https://t.co/jYfBrd5b22 https://t.co/tbU9BM3n3L
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.43%, while traders in Germany 30 are at opposite extremes with 80.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/W16EBX7wwK
EUR/USD Nears Potentially Significant Support with ECB on Tap

EUR/USD Nears Potentially Significant Support with ECB on Tap

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Nears Potentially Significant Support with ECB on Tap

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The EURUSD is nearing potentially significant support from several technical measures. 1.2900/20 is home to the 2012 resistance line turned support (see January low) and parallel channel from the 2012 low. 1.2875 is the 50% retracement of the rally from 1.2041 and December low. Trade above 1.3074 is needed in order to suggest that the expected recovery into 1.3300-1.3400 is underway.

FOREX Trading Strategy: “The extent and structure of the decline from above 1.3700 suggests that the larger trend is down. Rallies should be sold but probably not until 1.3300. That leaves short term traders with an opportunity to play the long side on a break above 1.3100.” One can envision an ECB spike into the mentioned 1.2900/20 or 1.2875 before the market finds the much anticipated low. Exceeding 1.3074 would suggest that the low is already in place.

LEVELS: 1.2803 1.2875 1.29651.3074 1.31611.3250

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