EUR/USD rebounds after hitting fresh 1-year low. DXY retreats signaling a potential short-term top. The EUR/USD pair consolidate daily gains during the US session, benefit by a weaker US dollar. The euro rebounded after falling to test May lows. The pair started to recover after the Bank of England decision that boosted rate hike expectations. From the lows, EUR/USD rose more than a hundred pips and peaked at 1.1632. It pulled back finding support above 1.1600. The euro is about to end the day near the highs, still within the range of the last five days, closer to the upper limit located around 1.1630/50. The DXY hit a 1-year high but it was again rejected from above 95.00 and is about to end lower, far from the high. The move lower from the top could signal that short-term top is in place that could lead to corrective moves, supporting the recovery of EUR/USD. EUR/USD Technical outlook “The pair is not yet out of the woods despite the latest recovery to the current 1.1600 region, but the fact that it bounced strongly from the yearly low may suggest that the upward corrective movement could continue, exacerbated by profit-taking ahead of the weekend”, said Valeria Bednarik, Chief Analyst at FXStreet. According to her, in the 4 hourchart, technical indicators have entered positive territory, maintaining their upward momentum, with the RSI partially losing its upward strength but at around 55, indicating persistent buying interest. The weekly high at 1.1644 is the key resistance level to surpass to favor an upward continuation, notes Bednarik. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin Cash Technical Analysis: BCH/USD hits another top just above the $900 level, price saved by a demand zone, range breakout is pending FX Street 4 years EUR/USD rebounds after hitting fresh 1-year low. DXY retreats signaling a potential short-term top. The EUR/USD pair consolidate daily gains during the US session, benefit by a weaker US dollar. The euro rebounded after falling to test May lows. The pair started to recover after the Bank of England decision that boosted rate hike expectations. From the lows, EUR/USD rose more than a hundred pips and peaked at 1.1632. It pulled back finding support above 1.1600. The euro is about to end the day near the highs, still within the range of the last five days, closer to the upper… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
