EUR/USD, GBP/USD Attempt To Build Support As USD Maintains Resistance

US DOLLAR HOLDS RESISTANCE AT MONTHLY HIGHS

The US Dollar’s week-long bullish run has continued to find resistance at the monthly high around the 96.68 level on DXY. I had looked at this in yesterday’s webinar, honing in on the fact that buyers remained in-control for much of the prior week, driving from a higher-low up for that resistance test. A bit-higher on the chart is the 2019 high around the 97.00 level, and this could be a next item of interest for resistance. On the inside of price action, 96.47 remains of interest and a bit-lower, 96.30 and 96.04 could keep the door open for support themes in the currency.

US DOLLAR HOURLY PRICE CHART

us dollar usd hourly price chart

Chart prepared by James Stanley

NEXT WEEK’S ECONOMIC CALENDAR

Next week’s economic calendar brings a few items of note for the US Dollar. January CPI figures are released on Wednesday, and then on Friday Advance Retail Sales is followed by U of Mich Consumer Sentiment. Outside of the US, an RBNZ rate decision is set to take place on Tuesday, and UK inflation figures are released on Wednesday morning. Each of these will likely receive considerable focus from Kiwi and Cable traders, respectively.

DAILYFX ECONOMIC CALENDAR: HIGH-IMPACT EVENTS FOR THE WEEK OF FEBRUARY 11, 2019

DailyFX Economic Calendar High-Impact Events, Week of February 11, 2019

Chart prepared by James Stanley

EUR/USD ATTEMPTS TO STAGE SUPPORT AFTER BEARISH FIRST WEEK OF FEB

EUR/USD put in a resistance test on the final day of January, pushing above the top-end of the resistance zone that I’ve been following at 1.1500. But that was soon met by sellers, and as the door opened into February, bears began to make a greater push on the charts. That downward momentum remained in-effect for most of this week, with a bit of support showing around the 1.1325 level in yesterday’s trade. Bears were again thwarted at this level upon a re-test this morning, and already prices are pushing up for a test of the aggressively-sloped trend-line as taken from February 1st and 5th swing-highs.

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