The dollar was down on Wednesday morning in Asia with investors awaiting upcoming U.S. inflation data while digesting that released by China earlier in the day. They also await a European Central Bank (ECB) policy decision to further gauge the economic recovery from COVID-19 and central banks’ potential next steps.
Technically, the EURUSD movement shall be sideways for today wuth 1.2210 as Resistance and 1.2130 for Support. Stable action over 1.2210 will foster rallies to 1.2254. A close over 1.2254 alerts for a larger emerging bull advance. Near term action could slip and hang in sideways congestion as the market tests Thursday’s upswing, but only a close under 1.2144 is sends a selloff to attack 1.2130 for a major reversing downturn.
Resistance 2 1.2210
Resistance 1 1.2194
Support 1 1.2151
Support 2 1.2130