Today's trading session is characterized by declines in US equities, which are bolstering the US dollar against major currencies.
In the case of EUR/USD, we can observe that the pair is currently testing a significant support zone at 1.08284. A breakthrough of this level could potentially trigger a new downward movement.
1 hour time frame chart. Source: xStation 5
Adding to all of this, the S&P 500 volatility index is showing signs that it may rise again, which in theory should also support a recovery of the US dollar against other currencies, especially against the euro.
Vix, Daily time frame chart. Source: xStation 5
Currency Strength. Source: currency-strength.com
Henrique Tomé,Analyst Portugal
Daily Summary: Lower inflation weakens the dollar and awakens gold and S&P 500 to gains
Fed Chair Kevin Warsh’s Q&A from Congress Testimony: Inflation stability is a key
Dollar sells-off following first US price drop in six years
Warsh's Address to Congress: Zero Tolerance for Inflation, But No Change in Interest Rates?
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