EURUSD Threatens Range Support As USD Bulls Re-Take Control

US DOLLAR BULLS PUSH BACK TO FINISH ERASING LAST WEEK’S LOSSES

Last week was a tale of two trends in the US Dollar, as the currency came into the week selling off, setting a fresh low on Thursday morning; at which point buyers came back to push prices above the 96-level on DXY. That strength has continued into this week’s open, and at this point, prices have already climbed above any levels traded at last week to create a fresh one-week-high. At this point, a bit of resistance has shown off of the previously-important 96.68 level, but given the momentum showing this morning, that may not hold for long.

US DOLLAR TWO-HOUR PRICE CHART

(Click on image to enlarge)

us dollar usd two hour price chart

Chart prepared by James Stanley

A BUSY ECONOMIC CALENDAR AHEAD

This week is full of potential drivers, with both high-impact data and Central Bank rate announcements on the horizon. Tonight brings the RBA, Wednesday brings the Bank of Canada and Thursday the European Central Bank as rate policy takes center stage. On Friday, both US and Canadian jobs numbers are released at 8:30 AM ET and each of these will likely receive considerable focus in the latter portion of this week.

DAILYFX ECONOMIC CALENDAR – HIGH-IMPACT FOR THE WEEK OF MARCH 4, 2019 (ALL TIMES ET)

(Click on image to enlarge)

DailyFX Economic Calendar High-Impact Week of March 4, 2019

Chart prepared by James Stanley

EURUSD FALLS THROUGH FALLING WEDGE, MAKES RUN AT LONGER-TERM RANGE SUPPORT

The longer-term EURUSD range remains; but on a shorter-term basis, another formation had begun to build last week’s that’s filled-in, and that’s the rising wedge pattern that built in the middle of that longer-term setup. I had discussed this formation in Thursday’s webinar, and sellers have thus far posed a bearish breach through the bottom side of the formation. The longer-term support zone that runs from 1.1215-1.1300 is fast-nearing, and this carries with it the question of whether or not Euro bears will be able to make a deeper push within or, perhaps even below that area on the chart.

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