The US dollar retrieved strength against majors since the early morning, even after the European Commission came out to revise the released projections, where they see an expansion in the third quarter and fourth quarter of the current year as this means that recession in the sixteen nations is almost over, and the sequence of expansion would spread back confidence.
Since the early morning the euro plummet heavily to record a low of 1.4514 to regain back some strength to push the euro back to 1.4601 levels, high volatility is taking place in markets and the fight between the euro and US dollar is apparently fierce one. Earlier today the EUR/USD had failed to breach 1.4515 levels in order to complete the downside correction till 1.4465 levels, but it managed to change its direction heading back to the upside.
However, the British Pound plunged against the US dollar to currently trade at 1.6571 levels after it managed to record a low of 1.6519 and a high of 1.6690 levels, where earlier today the pair managed to breach the ascend the support levels at 1.6545 levels. If 1.6500 levels remain intact then our set targets at 1.6800 levels persist.
The USD/JPY pair managed to restore back some of the losses seen on Friday, where the pair is currently trading at 90.83 levels after it recorded a high of 91.14 and a low of 90.18. Earlier today the pair managed to touch the resistance level seen at 90.90, yet the pair will remain heading toward our previous targets at 89.70 levels but 92.10 levels remain intact.
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