- Euro gains moment before the dollar’s fall and the EUR / GBP advance.
- EUR / USD bounces from two-week lows and could outpace short-term weakness.
He EUR / USD broke higher in the last hour and climbed to 1.1740 reaching a new high for the day. The pair, prior to the release of US data, remains in the zone of the highs with the bullish tone in favor, driven by a decline in the dollar in the market.
The euro advanced more than 20 pips in the last hour, cutting with ranges in the face of a fall in the dollar. The rise occurred in the face of a general weakness of the dollar. The DXY that hours ago was near 94.00, now points to 93.50.
In minutes, US retail sales data for September and beyond will be released ahead of consumer confidence. Attention is also focused on the negotiations between the United Kingdom and the European Union.
The latest statements by Prime Minister Johnson made the EUR / GBP rise giving the euro more support.
Technical overview
EUR / USD is rebounding from two-week lows and testing 1.1740, which is relevant short-term resistance. If it affirms above 1.1760 then the bearish bias would be negated. The next resistance emerges at 1.1800.
In the opposite direction, immediate support is now at 1.1720. Below we would expect more downward pressure and a test of the week’s lows of 1.1685 / 90.
Credits: Forex Street
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