The US Dollar has extended its losses after Fed Chair Jerome Powell opened the door to cutting rates. He said that the outlook has dimmed as trade and global uncertainties weigh, weak inflation may become persistent, and even the labor market cannot be labeled as "hot."
Ahead of US CPI Inflation, the EURUSD pair is trading below the key level of 1.1285. In order for the rise to gain more momentum, it needs to break out and stay above 1.1285 on a four hourly basis. At this point, we will see the next resistance level at 1.1355. Otherwise, the daily support level will be at 1.1219.
Support : 1.1219 - 1.1103 - 1.0980
Resistance : 1.1285 - 1.1355 - 1.1450
11 Jul 19 (Thu)
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