Fed Chair Powell played down rising US yields during a speech yesterday. His action triggered a spike in US yields and has sent USD higher across the board. USD strengthening continues today with EURUSD dropping to a 3-month low below 1.1950. Key support at 1.1930 is being tested at the moment. This level is marked with the lower limit of the Overbalance structure and breaking below would hint at trend reversal. Lower limit of a flag pattern lies slightly below 1.1930 and will be the final chance for buyers in case the previous support falls.
Source: xStation5
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