Having failed once again to survive above 1.06 handle, the EUR/USD pair entered a phase of consolidation just below the last, as the US dollar stalled its renewed upside to waver in a tight range just shy of 101 handle.
The pair is trading at 1.0580, down -0.15%, having posted a daily high at 1.0602 and low at 1.0579.
Closed out my eur/usd yesterday after 4, I had moved up my stop loss to take max profit on any weakness, right now looking at the trend it has to break 05950 to go lower otherwise the up trend might continue, CAD and Oil news later at 2-2.30GMT.
Trump Bump is associated with broad-based US dollar strength and rally in the equities, base metals.
But what we are seeing now is a “different kind of Trump Bump” – Trump’s bearish comments on the US dollar and the dovish talk about the interest rate bumped up EUR/USD/led to broad-based losses in the US dollar.
The 10-year treasury yield fell to a five-month low of 2.22%, thus weighing over the US dollar. The Trump-led sell-off in the US Dollar saw the EUR/USD close well above the 50-DMA level of 1.0656.
Currently, EUR/USD is trading at 1.0669, up +0.04%, having posted a daily high at 1.0677 and low at 1.0660.
Was watching eur/usd just mins before the Trump comments, missed the bullish move but managed to pick off 100 points , to risky to hold overnight on the short side with spikes around 10pm, with a sell off at 7am and further sell at London open in my view we could see a round trip back down to 060.
EUR/USD is trading slightly higher in today's early European hours. The pair is currently at 1.0635 as market participants are getting ready to return to the markets after a few days of rest and low volumes.
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