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The technicals are arguably going to be the key story in the session ahead, as we continue the countdown to tomorrow’s NFP release.
EUR/USD is flirting with a drop below the post-FOMC low on 18 June and that spells danger for a further drop towards 1.1800 next.
Adding to that is the close and break above 111.00 in USD/JPY as well.
Those will be the two key charts to watch as the dollar continues to flex its muscles on the week, not letting up even in month/quarter-end trading yesterday.
Oil will also be a focus with OPEC+ meeting later today and if there are to be any hiccups, I’d still argue for scaling in on longs in the bigger picture for oil – at least that’s what the current outlook continues to suggest.
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