EUR/USD moving toward daily highs as Trump’s inauguration takes place

Matías Salord FXStreet

The US dollar weakened modestly in the market ahead of Donald Trump speech. EUR/USD moved from the 1.0630 area and climbed on top of 1.0680, still below daily highs that lie at 1.0693.

Equity prices in Wall Street are rising. The Dow Jones is up 0.50% and the Nasdaq gains 0.45% ahead of Trump’s speech. The words of President Trump will be followed closely by market participants, volatility could rise.

EUR/SUD continues to trade sideways, up marginally for the day. The pair still remains within a short-term uptrend with the upside limited today below 1.0700

EUR/USD levels to watch

Support levels might lie at 1.0625 (low Jan.20) followed by 1.0580 (short-term support line) and finally 1.0554 (20-day sma). On the flip side, a breakout of 1.0719 (Jan 17 high) would open the door to 1.0798 (high Dec 5) and then 1.0873 (Dec 8 high).

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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