The Dollar has made some nice gains over the last two weeks but the question is will it continue or is this just a short term pull back?
The Dollar has gained over 700 pips since this strength has started and has been down a total of 8 out of the last 12 trading days. The dollar was not able to drop below 1.4500 the pair did not reach the strong support level of 1.4477 before running out of steam. Prices were active in today’s European and New York trading sessions with the pair moving lower during both sessions.
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There should be a pull back from this daily level soon. The price could go back to challenge the 1.4477 support level I think that level will hold and we could see a 50% retracement around the 1.4820 level and around that area is where we will see if this is a trend reversal or just a pull back to major support.
The economic news has been an impact in the direction of this pair so make sure that you continue to keep up with the most recent data by reading today’s daily report from Forex Crunch. Most of the news recently has supported the Dollar which is a major reason for the price change in the pair.
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