EUR/USD
The*US Dollar*is clawing back last week’s losses, helping along by a strong reversal in*GBP/USD*along with a resistance inflection in*EUR/USD.The US Dollar is currently sitting on a gain for 2019 but that was very much in question just a week ago. Will*USD-bears stage a return? A key area of resistance sits just ahead on DXY.
Last week saw the US Dollar push down to a fresh five-month-low*on Friday, helped along by a sizable breakout in the*British Pound*as driven by UK election results.*But as that move has priced-out of Sterling, with the entirety of the election gains now taken-out, the US Dollar has pushed higher over the past three, now four trading days, to reclaim a portion of that lost ground. The big mover against the US Dollar has, of course, been the British Pound. But a couple of other items of interest are showing elsewhere such as against the*Japanese Yen*or the*Euro.*I dug into these themes in yesterday’s webinar, focusing in on what next year might have in the card for the FX space.
In USD,*price action*is currently testing above the prior swing low around 97.36, with a big zone of resistance sitting ahead around*the 97.70 marker that’s come back into play over the past couple of months.


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