(5 votes)

Last Updated Date: 7 May 2021 @ 5:39 AM (UTC)
*Please note that all the dates are in GMT time zone

The dollar stayed under modest pressure on Friday ahead of a key U.S. jobs report that could cement expectations of a strong economic recovery and increase investor appetite for stocks, higher-yielding currencies and commodities. The dollar's index against six other major currencies stood near its lowest level this week, at 90.867 , having lost about 0.4% overnight.

As the dollar is softer against most currencies, the euro outshone many others, having gained 0.5% on Thursday and last stood at $1.2067. 

Yesterday’s surge higher suggests a reversing turn to bull trending trade. The market must post a close over 1.2084 to confirm an upturn and project bull trending moves to 1.2130 as well as potential to 1.2170. Congestion in the upper half of yesterday’s rally will work on shifting trend forces to the upside. A close under 1.1985 is needed to rekindle bear trending.

Resistance 2       1.2100
Resistance 1       1.2084

Support 1            1.2040
Support 2            1.2014


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