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EURUSD overview 14.05.2021

EURUSD rises on dollar weakens.

EURUSD continues to rise today under the effect of the strong U.S. dollar bearishness which is evident via all the major currency pairs – after the US reported no change in April’s retail sales – below 1% which was expected. This is calming the inflation fears and reversing some of the previously installed dollar longs. This comes after Federal Reserve officials calmed concerns about a quick tightening of policy in response to accelerating U.S. inflation. They stressed that price rises from the reopening of the economy should be temporary – which led to significant USD-long covering across the FX markets.

Except buyers on downward corrections.

Next resistance to watch – 1.2180

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