The U.S. dollar continued to climb higher after U.S. President Trump announced that the USA was pulling out of the Iran nuclear deal. His decision sparked concern that it could increase geopolitical tensions between the USA and its international allies.
Looking at the 4-hour chart we see that the recent downward channel is still intact suggesting that a bottom might not be in place yet. Thus, the euro may continue its tailspin towards the 1.1770/50 area. A lower support zone runs from 1.1660-1.17. The previous 1.19-support could now turn into a short-term resistance.
Let’s be surprised.
The key support level around 1.35 has proved to withstand the downward pressure in the pound ahead of tomorrow’s BoE meeting. Sterling bulls hope for a hawkish hold at the Bank of England’s Super Thursday but we recommend traders to prepare for both scenarios, bullish and bearish. We shall come back to the specific breakout scenarios tomorrow.
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