The euro had a positive day on Tuesday. Buyers started to move the price upwards in the Asian session. European traders continued pushing the spot higher. A fresh buying interest at the beginning of the NY session helped the major to accelerate its gains. The price rallied through 1.0900 and reached 1.0950 in the mid-NA session. The resistance is seen at 1.0950, the support stands at 1.0900.
We believe the euro will remain under buying pressure. Buyers may lead the price to new targets which are 1.1000 and 1.1050.
The pound did not leave its familiar range on Tuesday. The major, however, had a positive day and was able to reach the upper limit of the sideways channel. The upward impetus lost its legs after that and the cable started to lose ground. The current resistance is seen at 1.2900, the support lies at 1.2800.
The GBP/USD pair is likely to stay in the sideways range for a while. We prefer not to trade until we get a clear signal.
The greenback extended its near-term bullish momentum on Tuesday. Buyers broke 110.00 in the Asian session. The pair kept on strengthening after that. The spot was growing the whole day and tested 111.00 in the late NY session. The resistance is at 112.00, the support comes in at 111.00.
A broad based US dollar recovery helped the pair regain some traction. We believe the pair will maintain its bullishness advancing to 112.00.
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