Fundamentals:
The dollar climbed to a two-week high against a basket of currencies on Friday, as stronger-than-expected U.S. economic data appeared to boost expectations the Federal Reserve may raise interest rates more than once this year.
Technical:
Buyers failed to hold this upper area around 1.13660-770 above 8/21 EMAs. And now we have big, read candle closed on the bottom. If it will stay below this area for few days, than we can see move to test this lower support at 1.12150. We still have series of higher highs and higher lows, but at this point feels like buying momentum leaves this pair and we will enter in consolidation mode.
The dollar climbed to a two-week high against a basket of currencies on Friday, as stronger-than-expected U.S. economic data appeared to boost expectations the Federal Reserve may raise interest rates more than once this year.
Technical:
Buyers failed to hold this upper area around 1.13660-770 above 8/21 EMAs. And now we have big, read candle closed on the bottom. If it will stay below this area for few days, than we can see move to test this lower support at 1.12150. We still have series of higher highs and higher lows, but at this point feels like buying momentum leaves this pair and we will enter in consolidation mode.