Dollar isn’t climbing on safe-haven
by dodjit.com
The Dollar Index climbed higher on Friday but failed to break recent trend line resistance. The index is currently trading around 83 points, a level that could act as major resistance, especially as that same level acted as support in the past.
On individual pairs the EUR/USD dropped at the start of this trading week but has gained strength during today’s early trading hours. When observing the chart carefully one can see that even though the direction of the chart has turned slightly bearish, possibly forming a double top scenario, one must note that overall recent bullish momentum could prevent this pair from declining. For further information see the weekly report.
Over in the U.K “modest improvement” in housing activity was stated on Bloomberg earlier this morning as U.K home sellers raised asking prices in May, the most in more than a year. While some are claiming that the increase in price is being caused by the lack of supply, some analysts are claiming that the U.K economy could be showing signs of a minor recovery. On the Forex market the Pound/USD held its ground around resistance levels last week. Even though indicators are pointing to overbought conditions compared to previous price action, the GBP/USD is failing to present a deep correction. Major resistance lays at 1.5347.
Read the Ful Article at dodjit.com
by dodjit.com
The Dollar Index climbed higher on Friday but failed to break recent trend line resistance. The index is currently trading around 83 points, a level that could act as major resistance, especially as that same level acted as support in the past.
On individual pairs the EUR/USD dropped at the start of this trading week but has gained strength during today’s early trading hours. When observing the chart carefully one can see that even though the direction of the chart has turned slightly bearish, possibly forming a double top scenario, one must note that overall recent bullish momentum could prevent this pair from declining. For further information see the weekly report.
Over in the U.K “modest improvement” in housing activity was stated on Bloomberg earlier this morning as U.K home sellers raised asking prices in May, the most in more than a year. While some are claiming that the increase in price is being caused by the lack of supply, some analysts are claiming that the U.K economy could be showing signs of a minor recovery. On the Forex market the Pound/USD held its ground around resistance levels last week. Even though indicators are pointing to overbought conditions compared to previous price action, the GBP/USD is failing to present a deep correction. Major resistance lays at 1.5347.
Read the Ful Article at dodjit.com
