Similar to last week, the US Dollar surged-higher in the early portion of the week only to find resistance and pull back in the latter portion.
I looked at last week’s resistance in the weekend video at the 200-day moving average and the ‘s1’ zone of support held the lows into the end of the week and through the next weekly open. That extended the move, helped along by EUR/USD continuing to show a meltdown-like move with 17 of 19 days closing in the red.
Finally some element of support showed-up on Wednesday in EUR/USD and that prodded the bounce in the pair, with USD pulling back.
But as we move towards this week’s close, it seems that bulls didn’t want to wait til next week to bid ‘s1’ support and prices are already extending in each trend, which I looked at in this video. For next week, it’s the latter-week portion of the calendar that’s of interest with Core PCE and Non-Farm Payrolls coming out in the US. And at this point, expectations remain high for another rate cut from the Fed in the week after.
The article to go with this video:
The EUR/USD Support Video from Wednesday:
The Tuesday webinar:
James on X @JStanleyFX:
James Stanley’s video playlist:
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