Euro the buyers trying to induce a reversal
EURUSD: buyers trying to induce a reversal When the cross pair reversed upwards, buyers hit a new session high. The rally failed to continue, however, as global stock markets came under pressure once again. Consequently, there was renewed demand for the safe haven assets: Swiss franc, yen, and gold. The euro eventually stabilised around the 1.2254 mark.
FOMC member William Dudley said yesterday that expectations of three interest rate hikes this year were justified. He added that these expectations were causing the corrective pressure currently weighing down the stock market. US stock traders started closing their long positions in anticipation of the Fed tightening monetary policy.
Technical factors and cycles on the hourly timeframe indicate a rising euro. Almost all of the euro crosses are trading up at the moment. The franc and the yen are correcting after yesterday’s movements, which could push the EURUSD and GBPUSD pairs up by 20 – 30 pips.
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