Currency

US Dollar Moves Higher and into Overbought Levels

Posted 04/27/2018 10:24AM CTTony Cholly

The US dollar continued its move higher to start the morning and has traded higher eight of the last nine sessions. The current run has brought the market to slight overbought levels. Any surprises from the GDP or Employment Cost Index reports could increase volatility and push the market to resistance around the 92.00 level. Support comes in at 91.22, then 90.50 and a close under that first support would reverse the trend to the downside. The second level of resistance comes in at 92.46.

The euro started the day lower and with the ECB giving a cautious outlook yesterday the trend lower looks to continue. The ECB remained unchanged on its policy, but President Draghi was uncertain on the strength of the European market. Currently, bulls have little backing to push the euro higher with resistance at 12195.00, and 12285.50. Support comes in at 12047.00 and 11985.50.

US Dollar Jun ’18 Daily Chart

US Dollar Jun '18 Daily Chart

Euro Jun ’18 Daily Chart

Euro Jun '18 Daily Chart

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Tony Cholly

Senior Market Strategist

Tony majored in Economics at Eastern Illinois University. He performed his thesis on the market price of corn in the market and the factors that affect it. Tony was drawn to futures trading because of the opportunity to have financial gains in an economic environment. He prides himself on working with customers one-on-one and developing a trading strategy based on the client's needs and wants.

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