EUR/USD approaches 2017 highs as dollar weakens on Trump-Russia connection

Matías Salord FXStreet

The US dollar fell across the board, particularity against European currencies and the yen, after Donald Trump Jr. released emails between him and Rob Goldstone, regarding the involvement of Russian officials in the campaign.

Donald Trump Jr. tweeted out e-mail chain that promised info on Clinton

EUR/USD rose further and broke above 1.1415. It peaked at 1.1432, just a few pips below 1.1445 (2017 high). The recent rally ended a 2-day range trading between 1.1380 and 1.1420.

So far, the euro has been unable to challenge year-to-date highs. The greenback moved off daily lows during the last minutes and the bullish momentum of EUR/USD eased. Still the pair is moving with a clear upside bias.

Levels to watch

To the upside, the immediate resistance is now 2017 highs at 1.1445, followed by 1.1475 and 1.1500 (psychological). On the flip side, support might lie at 1.1418 (Jul 10 high), 1.1380 (Jul 10 & 11 low) and 1.1355 (Jul 3 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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