The euro was stronger against the dollar since last Friday after the release of US Q2 GDP data which delivered a blow hammer to assess hiking opportunities and therefore the greenback.
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movements that followed has taken the pair through the 1.1150 resistance he had traded mainly in the months before data and a further rise may be on the cards
broke the pair as high as 1.1240 yesterday -. prior support level - before returning to the level that had provided so much resistance during the last month. How the pair reacts at that level could offer a great insight into where it is headed next
OANDA MP -. Dollar rebounds ahead of data (video)
It is also interesting to note that the level of 50 fib - 7pm 28 low July-February high in August - also falls into this previous resistance area, which could provide additional support
Should find support on this. once the important resistance level, it would act as a confirmation of the initial break and could trigger another rally in the pair.
If this happens then the first major obstacle to the increase would be the highest of yesterday, followed by 1.13, which was significant support and resistance level in the past
GBP / USD -. cable upper ticks as PMI services Matches Estimate
However, the confirmation of the 1.1150 break would indicate to me that the market has become much more optimistic about the pair and suggest a move higher could be on the cards. If so, we could see 1.14 and 1.15 even tested in the coming weeks, something we have not seen since the Brexit vote.
It is interesting that this seems to be mainly a trained dollar movement and if anything changes in the perspective of the dollar, that's a strong jobs report Friday or comment hawkish officials Fed for example, this move could be quickly reversed.
As you can see in the book OANDA Forex, below are a large number of pending cases buying and selling around the 1.1150 level which suggests that this will be a level of key interest.
This and many other tools can be found in the Forex Labs section at OANDA.
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