Following Wednesday’s negative session for the US dollar, as durable goods strongly dissappointed in February and institutions automatically lowered Q1 expectations from 2.0% to 1.8%, euro took the opportunity and traders pushed it above the $1.10 level, leaving previous rate-hike bets behind. While February saw dollar strengthening on belief that monetary policy tightening will come in June, March clamed down the sentiment and June, even September does not seem to be that sure. Market started to be cautious and optimism from European central bank’s quantitative easing helped to lift the euro from its 2003 lows.
Now from technical perspective, we can expect euro to climb even to $1.1174, further to $1.1372. As for short positions, TP could be set at $1.0958, or $1.0905.
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