EUR / USD holds near 1.1540, session high
The selling pressure on the greenback was rising rapidly at the beginning of the week and the EUR / USD was raised to new multi-day highs after the 1.1500 level.
The pair rose for a fifth straight session on Tuesday, extending the rebound from last week’s lows, which fell last week below 1.1300 and managed to recover 1.1500 and higher.
The Dollar continues to suffer from President Trump’s remarks on Monday, when he criticized the Fed’s tougher stance, opening the door at the same time to a possible intervention to weaken the dollar in the ongoing scenario of commercial wars.
Nothing in the data space today should leave all attention to the Turkish titles, with the Lira and American verses a. Bronson is in the lead, all ahead of the meeting of the Open Market, Tomorrow and Purchasing Managers’ Index in Euroland.
Head and shoulders top in the dollar index.
The bearish pattern has been formed in the last few days, and the dollar index was resting near the neckline before giving it Trump’s push comments. The day’s bottom is near 95.40, which corresponds to the 20-day moving average. Did not close below this moving average this month. After falling late yesterday and in the Asian session earlier in the day, the dollar index was moving back and forth in a range just over 20 pips.
The risk is that long-term buying will see further recovery as an opportunity to move to the margin, where 95.80-96.00 is likely to break the upside. Daily technical indicators are still warning that the bearish correction is not yet over. A break of 95.00 might push towards 94.00.
In the data the American Petroleum Institute will report on US crude supplies later in the day ahead of the FOMC meeting minutes to be held tomorrow.