EUR/USD has been rejected at the 1.1990 resistance. The pair is set to remain under pressure as the greenback is gaining new ground as the dust settles from the Federal Reserve’s dovish decision, Yohay Elam, an Analyst at FXStreet, reports.
See: EUR/USD set to fall to 1.16 in 12 months as the dollar dip is transitory – Danske Bank
Key quotes
“Will the greenback continue gaining ground? That partially depends on weekly jobless claims, which are set to post a marginal decline. However, further responses to the Fed and yields have the upper hand.”
“The dollar is rising amid a strong economy, benefiting from an injection of $1.9 trillion in stimulus funds and also a rapid vaccination campaign. That contrasts with ongoing immunization issues in the old continent.”
“Even if the European Medicines Agency gives the green light to resume the usage of Astra’s doses, many Europeans are set to refuse to receive them. Overall, the eurozone is set to lag behind in its recovery from the crisis – and that may weigh on the euro.”
“Euro/dollar has been rejected at 1.1990 – the same cap it hit late last week. That double-top also converges with the 100 Simple Moving Average on the 4-hour chart.”
“Support awaits at the daily low of 1.1935, followed by 1.1910, which was a cushion earlier in the week.”
“Resistance is at 1.1965, a cap from last week, and then the 1.1990 mentioned earlier.”
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