The dollar fell for a second straight session on Tuesday, after hitting a 19-month peak at the end of last week, on weaker-than-expected U.S. economic data and after Federal Reserve officials pushed back against aggressive rate hikes this year, lifting risk appetite.
The market continues to extend a bottoming turn and should foster rallies to push against a previous congestion high at 1.1280. Posting a close over 1.1310 signals for a larger emerging bull drive to 1.1360. We may again see minor corrective dips into last week’s upswing, but narrow congestion days holding 1.1200 will bull flag. Only a close under 1.1136 (SAR) rekindles bear trend forces.
Resistance 2 1.1310
Resistance 1 1.1290
Support 1 1.1250
Support 2 1.1230
Last Updated Date: 2 February 2022 @ 8:04 AM (UTC)
*Please note that all the dates are in GMT time zone
