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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