The U.S. dollar extended losses on Thursday after the minutes from the Federal Reserve's November meeting supported the view that the central bank would downshift and raise rates in smaller steps from its December meeting.
The eagerly awaited readout of the Nov. 1-2 meeting showed officials were largely satisfied they could now move in smaller steps, with a 50 basis point rate rise likely next month after four consecutive 75 basis point increases.
The EURUSD is trying to reverse out of last days' corrective setbacks and renew bull trending trade. A close over 1.0444 should boost rallies to challenge back against last high for June 2022 1.0614. A breakout over 1.0481 signals for a drive to 1.0614. If trade struggles to close over 1.0444 today, then suspect a slide back against 1.0350 support to test for a bear turnover and declines along 1.0222.
Resistance 2 1.0450
Resistance 1 1.0400
Support 1 1.0390
Support 2 1.0390