(4 votes)

Last Updated Date: 21 April 2021 @ 6:00 AM (UTC)
*Please note that all the dates are in GMT time zone

The dollar languished on Wednesday, hovering just above a seven-week low with subdued U.S. bond yields reducing the currency's yield appeal. The safe-haven greenback got some respite from a pullback in world stocks from record highs as flare ups in coronavirus infections from India to Canada soured the outlook for a quick global recovery. The safety bid also bolstered the yen, which climbed to a fresh seven-week peak of 107.88 per dollar on Wednesday.

The EURUSD market is short term friendly, pressing the drive to reach 1.2077. Trade is positioned to extend rallies and close over 1.2077 could trigger a couple day blow off 1.2100 - 1.2130. Any corrective dips will likely hold 1.2000 to maintain upside momentum forces, otherwise retracement shall begin showing 1.1940 - 1.1900 for this week. 

Resistance 2       1.2077
Resistance 1       1.2055

Support 1            1.2011
Support 2            1.1990


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