US dollar soars across the board after US economic data. EUR/USD drops from near key medium-term resistance to weekly lows. The EUR/USD fell sharply almost a hundred pips in a few minutes from the 1.1900 area to 1.1799, hitting the lowest level since November 12. It then rebounded modestly and as of writing, it trades at 1.1815, 40 pips lower than Friday’s close. The move lower took place on the back of a rally of the US dollar across the board following the release of the US Markit PMI preliminary report for November. The index showed an unexpected increase to the highest level in years. The greenback started to gain momentum, making a dramatic reversal. The DXY stands now near weekly tops, after testing the 92.00 area hours ago. US yields hit fresh highs, helping the dollar. From a technical perspective, the EUR/USD looks vulnerable and a consolidation under 1.1815 would set the scenario to more weakness. The rejection from levels above 1.1900, the upper limit of a wide range, could accelerate. A daily close under 1.1780 (20-day moving average) could target 1.1700. Technical levels 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 GBP/USD: Sentiment remains bullish in sterling – CitiBank FX Street 2 years US dollar soars across the board after US economic data. EUR/USD drops from near key medium-term resistance to weekly lows. The EUR/USD fell sharply almost a hundred pips in a few minutes from the 1.1900 area to 1.1799, hitting the lowest level since November 12. It then rebounded modestly and as of writing, it trades at 1.1815, 40 pips lower than Friday’s close. The move lower took place on the back of a rally of the US dollar across the board following the release of the US Markit PMI preliminary report for November. The index showed an unexpected increase to… 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.
