Mainstream media will continue to attribute the dollar’s gyrations to the upcoming Trump-Xi summit, either wholly or in part.
We suspect the markets are more interested in tonight’s speech by Fed Chair Powell.
In the meantime, UK PM Theresa May’s Brexit “deal” will take center stage in the headlines all the way to the Commons vote on December 11.
EURUSD players cleared some sell stops we mentioned yesterday that were around 1.1290 and are now facing bids to keep the euro well-supported.
If the support fails, look out for a test of 1.1230-40 dollars. But seeing as to how aimless this market is, we wouldn’t be surprised if the euro retraced back to 1.1325 and 1.1380 dollars.
GBPUSD fell away from the 1.2815 pivot to stall inside a well-established order cluster between 1.2730-50. If this stalling action succeeds, look out for a retracement back to 1.2800 and then 1.2850.
Aussie has been a scalper favorite in recent days, with the focal points still appearing to be 72.35 and 72.70 cents.
USDJPY is the only pair in this analysis that has shown a more consistent direction in recent days.
The dollar cleared 113.60 from yesterday and is now facing a large cluster of orders ranging widely around 113.80 yen. Chatter indicates this cluster represents the same interested parties looking to cap this move up.
In the low probability event 113.8o clears, look out for tries for the 114.35 level, otherwise the support as per the chart will apply.
Overall, just be mindful of the likely stop levels as per the above charts.
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