EURUSD Trades To New Session Highs As Investors Sell USD

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The US dollars has moved to a new session lows vs. a number of currencies including the EURUSD. The 1 to the upside has taken the price above its 61.8% retracement of the move down from the June high to the June low. That level comes in at 1.13241. The high price extended up to 1.13308.

Dollar traded to new session lows vs a number of currencies_

The run to the upside at a rocky start early in the Asian session after the Navarro comments reversed a break above a trend line and the 200 hour moving average (green line in the chart above). However, the retraction and comments from Pres. Trump push the price back above the trendline and moving average and the buyers have been in more control. Recall the trendline and 200 hour moving average held the resistance on the 1st test yesterday. So getting above those levels was more bullish technically.

The next upside targets would look toward the June 12 high at 1.13399 followed by the June 16 high at 1.13527.

In other pairs, the USDJPY as a tumbled to new session lows as has the USDCHF and USDCAD. The AUDUSD and NZDUSD are also trading at new session highs (lower dollar).  The only pair not at a new extreme is the GBPUSD although it is climbing toward the earlier session highs.. 

 

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