Greenback Weakens
The U.S. dollar sold off Wednesday and we got what we have been looking for: A technical upside breakout in both EUR/USD and GBP/USD. All of our yesterday’s long orders have reached their profit targets.
While the U.S. CPI print came in largely in line with estimates, the greenback eased on the back of easing in the U.S. job market and moderating economic growth.
Technically, the euro and pound sterling broke above crucial resistances. Given the strong bullish day-candles in both pairs, EUR/USD and GBP/USD we expect some more bullish momentum to come and thus anticipate higher price targets.
As long as 1.0850 holds, a next higher price area in the EUR/USD could be between 1.0950 and 1.0970. In the GBP/USD we will focus on a sustained break above 1.2710 in order to pencil in a higher target at 1.2770.
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