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US Dollar Extending Week End Reversal

Posted 06/29/2018 10:40AM CT | Alexander Turro

The US dollar is coming off yearly highs trading negative on the day following some safe haven outflows as well as largely positive European economic data. The dollar has been lifted on expectations that strong US economic growth will accelerate the Fed’s pace of interest rate increases which has continued to benefit the dollar, however, a dovish tone from Fed members earlier this week as well as mixed US economic results today have weighed down on prices. The Euro has found further support with the EU reaching an agreement on a new migration deal in the overnight, which will help reshape the European political landscape. The US dollar is coming off near overbought levels with near-term support coming in around 94.17 and resistance around 95.26. Look to sell rallies in the Euro with momentum negative in the near term. Resistance comes in around 1.17550 and support around 1.15950.

U.S. Dollar Sep ’18 Daily Chart

US Dollar Sep '18 Daily Chart

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Alexander Turro

Market Strategist
Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.
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