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EURUSD: Why Dollar is bought across the board.

FX:EURUSD   Euro / US-Dollar
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The price action of EURUSD and most major currency pairs make all of us confused; USDollar was sold vs major currencies in Europe trading session and then was bought across the board in North America trading session.

After holding the rate unchanged, we see market punished USdollar right after the decision, and I also think the trend should continue, but what I see is market bids for Dollar strongly.

Why does it happen ?

We ignore an important message which FED Chairwomen sent in the press conference : every meeting is a live meeting including October meeting, and the option is still on the table. Most likely FED will begin the tightening circle before the end of year.

Economists and traders around the world unanimously agree that FED will trigger the first rate hike in this year : I also believe that.

Hence, from now to that time, WE WILL SEE MARKET WOULD FIGHT TO BUY DOLLAR AGRESSIVELY ACROSS THE BOARD.

Next week, only US GDP revision, Durable Good Orders, and Housing market data are main data; in addition, we should listen FED member speeches to find more clues and watch their viewpoint about current US economy.

Today is just the beginning.

- Technical Analysis

Look at on the chart, ignore the spike of EURUSD to 1.1700, I see a strong resistance at 1.1450

Today I see EURUSD once rejected this resistance; in my opinion, the rally is just temporary, and EURUSD should be trade lower at least to 1.1100 where I see a strong support at there.


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