Technical Analysis

EUR/USD pushes larger as greenback stays weak

EUR/USD touches a excessive of 1.1394 on the day


The in a single day topside transfer following Powell’s speech was restricted by the Monday excessive @ 1.1384 however since then consumers have been in a position to seize near-term management by breaking above the 200-hour MA (blue line) and at the moment are seeking to prolong the upside transfer in the direction of the 1.1400 deal with.

There are a number of issues for additional greenback weak point at this level however the Fed probably pausing its charge hike cycle will take away one of many main tailwinds for the greenback this 12 months. And an much more worrying signal is the autumn in Treasury yields which is threatening to melt the greenback’s attractiveness to some extent.

For EUR/USD, worth will now look in the direction of affords round 1.1400 earlier than the swing area resistance round 1.1410-20 will come into play. Solely a break of the latter ranges will we see the upside prolong farther from right here, again in the direction of final week’s excessive of 1.1472.

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