(3 votes)

Last Updated Date: 3 September 2021 @ 6:08 AM (UTC)
*Please note that all the dates are in GMT time zone

The dollar's direction is in limbo as financial markets await a clearer path from the U.S. Federal Reserve, according to a Reuters poll of FX strategists who were split on where they expected the currency to trade over the next three months.

On the back foot even before Fed Chair Jerome Powell's comments last Friday at Jackson Hole, the greenback has lost almost 1.4% since it hit a nine-month high about two weeks ago. But it is still up around 3% for the year.

While analysts in the Aug. 30-Sept. 2 poll of nearly 60 FX strategists expected the greenback to give up most of those gains over the coming year, they were increasingly uncertain about both the short- and medium-term outlook. (Reuters).

Although the EURUSD is extremely overbought, y
esterday’s surge higher suggests a reversing turn to bull trending trade. The market must post a close over 1.1930 to confirm an upturn and project bull trending moves to 1.1980 as well as potential to 1.2030. Congestion in the upper half of yesterday’s rally will work on shifting trend forces to the upside. A close under 1.1817 (SAR)  is needed to rekindle bear trending.

Resistance 2        1.1920
Resistance 1        1.1894

Support 1             1.1854
Support 2             1.1831



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