The U.S. dollar regained some strength and rose against the euro and British pound Monday. However, yesterday’s rebound in the dollar is still not significant enough to alter the technical outlook, thus far.
The euro fell toward 1.1350 and with U.S. markets being closed for the Independence Holiday today, we expect the EUR/USD to remain trading between 1.1440 and 1.13. If the euro dips below 1.1325 we anticipate increased bearish momentum towards 1.1290. For euro bulls to regain control, the euro will need to take the hurdle at 1.14 significantly.
The pound sterling came off its highs but found some halt near 1.2930. If the cable slides below 1.29 we expect a next support to be at around 1.2860. On the topside, the pound will need to break above 1.3030 in order to encourage sterling bulls for a test of 1.3060 and 1.31.
The U.K. Construction PMI is scheduled for release at 8:30 UTC and this is already the only piece of data today.
It is the U.S. Independence Holiday today and trading is expected to be quiet.
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