EUR/USD jumps to fresh session highs on Trump comments

Eren Sengezer FXStreet

The EUR/USD pair leaped around 50 pips in a matter of minutes after President Donald Trump's comments on the USD appeared in a WSJ article. At the moment, the pair is up 0.43% at 1.0648.

President Donald Trump argued that the dollar was getting too strong and making it hard to compete with other countries who devalue their currencies. He further added that he would prefer the Fed to keep interest rates low.

Following the comments, the US Dollar Index renewed its weekly low at 100.19 before recovering some of the losses. At the moment, the index is down 0.32% at 100.31.

Technical outlook

The pair could face the first resistance at 1.0655 (50-DMA) before extending the rise towards 1.0700/10 (psychological level/20-DMA) and 1.0815 (200-DMA). On the downside, supports align at 1.0630 (100-DMA) followed by 1.0570 (Monday's low/monthly low) and 1.0500 (psychological level).

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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