The bid tone lost its legs around the mark 1.0700 yesterday. The growth was stopped by the hurdle which rejected the price downwards. The euro gave up its recent gains and softened to the lower boundary of the upward channel – 1.0650. The handle rejected the spot which returned to the opening prices. The resistance is seen at 1.0700, the support stands at 1.0650.
We will keep buying the EUR/USD pair until the spot is above 1.0500. The level 1.0750 is the next buyers’ target.
Sellers returned control of the flows. The US dollar managed to reverse a minor part of its recent losses being able to touch 1.2300. The downward impetus lost its legs around the level which rejected the spot upwards. The current resistance is seen at 1.2400, the support exists at 1.2300.
We believe buyers will remain in control in the short-term. A clear break above 1.2400 will confirm bulls’ strength sending this market to 1.2400 – 1.2450 region.
The pair was able to strengthen yesterday after a sharp sell-off on Tuesday. The US dollar failed to register any meaningful recovery and was able to grow to 113.68. The upward correction lost its legs around the mark which appeared to be a solid barrier for the spot. The resistance is at 114.00, the support comes in at 113.00.
A break above 114.00 will return bulls in the driver's seat. Bulls may try to retake 115.00 first. A move below 113.00 will increase immediate bearish pressure. Sellers may drive prices to 112.00.
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