US Dollar Moves Higher and into Overbought LevelsPosted 04/27/2018 10:24AM CT |
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
Euro Jun ’18 Daily Chart