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Dollar Reversing Early Gains into NY Hours

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  • Greenback has now fully reversed the early strength seen through European hours, with GBP/USD now through the overnight highs and making decent headway through the 1.35 handle. EUR/USD not managed to top 1.1369 just yet, but a rally through here would be a bullish signal for the pair.
  • Next resistance for EUR/USD sits at 1.1388, the 50-day EMA. A firm recovery through here would mark the first since April, and could signal a medium-term bottom.
  • GBP/USD faces resistance at the day's highs of 1.3517, which intersects with the Nov18 high.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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