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EUR/USD pushes higher as dollar remains weak

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EUR/USD touches a high of 1.1394 on the day


The overnight topside move following Powell’s speech was limited by the Monday high @ 1.1384 but since then buyers have been able to capture near-term control by breaking above the 200-hour MA (blue line) and are now looking to extend the upside move towards the 1.1400 handle.

There are several considerations for further dollar weakness at this point but the Fed potentially pausing its rate hike cycle will take away one of the major tailwinds for the dollar this year. And an even more worrying sign is the fall in Treasury yields which is threatening to soften the dollar’s attractiveness to some extent.
For EUR/USD, price will now look towards offers around 1.1400 before the swing region resistance around 1.1410-20 will come into play. Only a break of the latter levels will we see the upside extend further from here, back towards last week’s high of 1.1472.

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