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EUR/USD holds $1.12
EUR/USD is trading at a level not seen since early March, and the move is almost largely down to the pullback in the greenback. As I stated yesterday, the update from the Federal Reserve was so vague traders are left in the dark as to when interest rates will rise.
For too long there was major pressure on the Fed to be hawkish in their outlook, and that we have had a spate of soft economic indicators, coupled with a slight dovish tone from the US central bank, traders are unwinding their long trades on the dollar. Dealers in continental Europe are on holiday today as it is May Day, and trading volumes and market volatility are anticipated to be low.
EUR/USD has been in an upward trend for over two weeks now, and $1.12 is acting as support, and the initial target is $1.13. A move beyond that will bring the resistance at $1.14 into play. If $1.12 is punctured, the 50-hour moving average of $1.1150 will provide support, and $1.11 will be the next level of support below that.