The U.S. dollar retreated ahead of U.S. Treasury Secretary-designate Janet Yellen Senate confirmation hearing later today. Yellen is expected to affirm the U.S.’s commitment to a market-determined dollar value and her comments may serve as a fresh catalyst for the greenback, giving the green light for the dollar’s long-term downtrend.
EUR/USD: The euro found a halt at 1.2050 from where prices reversed. As written in our analysis from Monday we now see a next resistance at around 1.2150.
GBP/USD: The pound broke below 1.3530 but the downward move was not sustained as the greenback’s momentum ebbed. This morning we see the cable again above 1.36 and pencil in potential further gains towards 1.3640.
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Long @ 1.2120
Short @ 1.2035
Long @ 1.3630
Short @ 1.3565
Long @ 13980
Short @ 13870
December 2020: +318 pips
November 2020: +75 pips
October 2020: +432 pips
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