The EURUSD pair finally broke through the key region around 1.1430 and managed to close the day safely above that region to continue its strong bullish run against the dollar. It is indeed a surprise to note that just a couple of months back, the euro was at the complete mercy of the dollar and seemed to have no mind of its own and the moves in this pair was entirely based on the strength and the weakness of the dollar. Now, we can see the euro holds its own against the dollar and this has helped the euro bulls to exploit even the slightest weakness in the dollar.
EURUSD Shoots Higher On Dollar Weakness
The trigger yesterday for the weakness in the dollar did not come from Trump, which has usually been the case over the last few months, but his son on his emails and interaction with the Russians before and after the elections. This has once again reinforced doubts on whether the campaign was influenced by the Russians and these doubts and uncertainties have had an effect on the dollar which has since weakened across the board.
The euro did not need a second invite to push against the dollar and the bulls used this opportunity to push through the key region around 1.1430 which had proved to be a stumbling block over the last couple of weeks. This led to a quick run upwards in the EURUSD pair which now trades comfortably above 1.1450 as of this writing and looks good for more. We might get a correction back to the broken resistance but that will be about it, as far as the correction is concerned.
Looking ahead to the rest of the day, we do not have any major news from the US or the Eurozone and hence, expect the pair to trade with a bullish bias through the course of the day with 1.15 and beyond being the obvious targets.
This article was originally posted on FX Empire