The safe-haven dollar found support just below last week's peaks on Monday as renewed concerns about China's property sector and looming U.S. labour data put investors in a cautious mood. The greenback scaled a 14-month high on the euro and a 19-month top on the yen last week as markets reckoned U.S. interest rates could rise ahead of global peers. The euro dipped back below $1.16 and at $1.1598 is not far from last week's trough at $1.1563. The yen was little changed at 111.065 per dollar. (Reuters).
The EURUSD is into minor correction up. The market is working back into short term up trending for this week and positioned to attack a 1.16450 range high which in turn should spark a move to 1.1700. Corrective dips should hold off the 1.1570 area to keep bull forces. A drop under Friday’s low or close under 1.1562 could trigger a downturn for a slide to 1.1500.
Resistance 2 1.1640
Resistance 1 1.1620
Support 1 1.1570
Support 2 1.1551