Dollar: Earlier this morning, there was obviously enough economic uncertainty to provide the dollar with a bounce, but this can also be a simple technical bounce off of an oversold condition from a 4-day decline. If data is looked at as slightly better than expected, we may see a test of resistance at 96.53. Resistance is at 96.23 and 96.47 while support is at 95.75

Euro: As indicated in the dollar paragraph, overnight uncertainty does not appear to be extreme, and therefore the magnitude of the corrective action in the euro should also be limited today. The question mark for the euro is if the ECB will continue to fail to act and then somewhat weak European inflation data leaves the bears with the fundamental edge. Resistance comes in at 114585 and 114935, while support comes in at 113975 and 113715.

USD Sep ’20 Daily Chart
Euro FX Sep ’20 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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