- Dollar weakness continues to propel EUR / USD.
- Euro rises for the fourth day in a row against the dollar and is approaching significant resistance.
The EUR / USD is rising Tuesday for the fourth day in a row and is trading at a week-and-a-half high near 1.1890. Dollar weakness continues to support gains in the pair, which is approaching the upper limit of a month range. It is trading at 1.1880 after climbing to 1.1885.
The dollar continues to weaken in the market. The DXY is trading 92.30 at the lowest level in a week. The peculiarity is that this occurs in a context of decline in the stock markets and with the yields of the Treasury bonds without showing significant changes.
Looking ahead to the next few hours, among the events to take into account will be the US retail sales report. The industrial production data and the real estate sector index will also be published there. In addition, various Federal Reserve officials will speak, including Jerome Powell. Also the president of European Central Bank (ECB), Chirstine Lagarde will speak at a Bloomberg forum.
Technical overview
The EUR / USD maintains a bullish bias in the short term and could go to test 1.1900. Above 1.1920 quickly appears as next resistance. A consolidation clearly above 1.1900 would point to a return above 1.2000, as the euro would be breaking with months of operations between 1.16 and 1.19.
A pullback from current levels may find support at 1.1830 initially. A daily close below 1.1780 would point to further declines and further weakness as it returns below the 20 and 55 day moving averages.
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