Dollar keeps lower so far on the session

Technical Analysis

EUR/USD hovers at its highest levels since January

There was a bout of dollar weakness as European traders entered earlier, helped by the fact that USD/CNH fell below the 6.40 level to its lowest since 2018.

But since then, the dollar’s decline has been kept in-check with not much of an extension seen. EUR/USD is trading around 1.2250-60 currently, holding at its highest levels since January with perhaps large expiries rolling off later limiting gains for now:

From a technical perspective though, buyers will need to secure a daily close above the 25 February high @ 1.2241 to establish a more solid platform for the next leg to follow.

Elsewhere, GBP/USD is up slightly to 1.4174 on the day but has backed off earlier highs of 1.4211 as the 1.4200 level still poses a challenge for buyers in general.

Articles You May Like

EUR/GBP Price Forecast: Extends gains past the 50-day SMA and 0.8300
Attack the currency trend: The EURUSD has been stepping lower with more selling today
Palo Alto Networks beat and raise fails to wow Wall Street. But that plays into our hand
Snowflake shares pop 19% on earnings and revenue beat
Australian Dollar extends gains as US Dollar continues downward correction

Leave a Reply

Your email address will not be published. Required fields are marked *