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Dollar saw losses as soon as the US trading session opened. This happened even without any news or macroeconomic data, leaving traders with uncertainty over such a massive sell-off in the market. The reason could be the calls to impose an embargo on oil deliveries to Israel. However, oil prices also dropped yesterday, which seems to be a serious speculative attack.
On the bright side, the momentum happened only in the face of a completely empty macroeconomic calendar. Since important data will come out today, the market will likely show some movements. An increase in all activity indicators in both Europe and the UK, together with a decrease in the US, will push the dollar to continue to weaken. Of course, considering the significant weakening yesterday, further decline may be limited. At most, the market will consolidate around the levels reached yesterday.
EUR/USD not only broke through the resistance level of 1.0600 but also set a new local high. This led to euro gaining 0.8% in such a short period. And even though the pair shows overbought conditions, buyers continue to gain momentum, thereby allowing further growth in the pair, at least until a technical pullback occurs.
Long positions in GBP/USD surged after the price stabilized above 1.2150. In the case of further growth, movement toward the resistance level of 1.2350 will take place.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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