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USDOLLAR Continuation as EUR/USD, GBP/USD Fail at Resistance

USDOLLAR Continuation as EUR/USD, GBP/USD Fail at Resistance

2014-11-20 11:35:00
Christopher Vecchio, CFA, Senior Strategist
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Talking Points:

- USDOLLAR continues broadly higher thanks to AUD, JPY.

- EUR/USD, GBP/USD channels/flags near breaking points.

- See the 'high' importance events on the DailyFX Economic Calendar.

The FOMC minutes yesterday spurred the USDOLLAR Index's push to fresh 2014 highs, but it will take more than words to keep the greenback's bull trend going. One of the main drivers of US Dollar strength in recent months, the apparent divergence between US growth prospects and those in the rest of the developed world, is back in focus this morning after a mixed bag of European data.

On the Euro-Zone front, preliminary November PMI readings from France, Germany, and the broader region all disappointed analysts' expectations, perhaps an indication that budding optimism over recent 'less worse' data is premature. From a technical perspective, the combination of the FOMC minutes and this morning's Euro-Zone data may provoke EURUSD into testing channel support on a H4 close sub-$1.2500.

See the above video for technical considerations in EURUSD, GBPUSD, AUDUSD, and EURGBP.

Read more: EUR/USD, GBP/USD Attempt Reversals, AUD/USD Loses Channel Pre-FOMC

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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