- The dollar fails to find support, renews weakness after US data
- EUR / USD at three-week highs, targeting 1.1900.
The EUR / USD extended the bullish run in recent hours and rose to 1.1885, reaching the highest intra-day level since July 6. The pair remains in the zone of highs, looking at 1.1900, supported by a persistent general weakness of the dollar.
The greenback continues to fall on all fronts. The falls began after the decision and the Federal Reserve statement, picked up pace with the statements of Jerome Powell. Thursday’s US economic data did not help the dollar which intensified the bearish tone.
Among the reports, an expansion of the economy in the second quarter to 6.5% stands out, below the 8.5% of the market consensus. In turn, claims for unemployment benefits fell less than expected. These data gave a new negative push to the dollar.
The EUR / USD is now testing the 1.1885 / 90 zone, which is strong resistance and the only thing that seems to prevent a return above 1.1900 for now.. If it is not able to with the mentioned barrier, the euro could lose strength, favoring a retracement that should ideally find support at 1.1840 to maintain the upward bias.
Technical levels
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