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Key risk events today: Australia Trade Balance; ECB Main Refinancing Rate, Monetary Policy Statement and Press Conference; Canada Trade Balance; US Unemployment Claims. (Previous analysis as well as outside sources – italics). EUR/USD: Europe’s single currency derived fresh impetus from upbeat Eurozone services PMIs and continued USD depreciation Wednesday. The US dollar index recorded its … Continue reading Thursday 4th June: Technical Outlook and Review

The US dollar index, or more commonly referred to as the ‘DXY’, declined to levels not seen since March 13 on Tuesday after recording its sixth consecutive daily loss.

Despite Monday’s advance, a turn from 1.1157/1.1099 places 1.0995 on the hit list as support; alternatively, additional upside has resistance at 1.1239 calling for attention (essentially the same base as weekly QM).

Europe’s single currency journeyed to a peak of 1.1145 against its US counterpart last week, adding more than 200 pips into Friday’s close.