The U.S. dollar rally continues and while king dollar remains bid, the EUR/USD sells off even more aggressively this morning. With Austria and Germany imposing restrictions on unvaccinated people and with the European Central bank lagging behind the Federal Reserve in tightening its monetary policy there is very little demand for euros right now.
EUR/USD – Breakout below 1.13
If the euro now remains below 1.1370, we will prepare for a lower target at around 1.1220. Caution is however warranted since the pair is deeply oversold.
GBP/USD – Struggles to overcome 1.3450
We see chances shifting in favor of the bears in case the cable isn’t able to stabilize above the 1.3450-level. For bears it will be important that sterling breaks again below 1.3390 in order to expect lower targets at 1.33 and 1.32. Any bullish attempt on the other side, could end with a test of 1.35 – at least in the short-term.
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