The dollar strengthened on Chinese speculations
The green currency advanced against a basket of major currencies, slightly rebounding from the 14-month low on speculations that China will withdraw stimulus measures. Also, initial claims increased in the U.S. but the dollar was not affected much by the news. The dollar index, a gauge of the dollar's strength against a basket of major currencies, climbed to 75.32 from the opening at 75.08.
The euro-dollar pair traded on a slight downside bias seen over daily charts. However, on the 4-hours and 1-hour charts, the pair is showing an incline. The pair is giving a bearish signs as seen by the Stochastic Oscillator momentum indicator, which is referring to a possible reverse from an overbought area. The pair managed to breach the important psychological resistance level at 1.5000 on Wednesday and today. Meanwhile, the euro is traded at 1.4996 recording a high of 1.5035 and low of 1.4942, where the pair is supported by 1.4970 and faces the coming resistance of 1.5000.
EC Pulse
The green currency advanced against a basket of major currencies, slightly rebounding from the 14-month low on speculations that China will withdraw stimulus measures. Also, initial claims increased in the U.S. but the dollar was not affected much by the news. The dollar index, a gauge of the dollar's strength against a basket of major currencies, climbed to 75.32 from the opening at 75.08.
The euro-dollar pair traded on a slight downside bias seen over daily charts. However, on the 4-hours and 1-hour charts, the pair is showing an incline. The pair is giving a bearish signs as seen by the Stochastic Oscillator momentum indicator, which is referring to a possible reverse from an overbought area. The pair managed to breach the important psychological resistance level at 1.5000 on Wednesday and today. Meanwhile, the euro is traded at 1.4996 recording a high of 1.5035 and low of 1.4942, where the pair is supported by 1.4970 and faces the coming resistance of 1.5000.
EC Pulse
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