February 8, 2023

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Dollar steadies after yesterday’s drop but the technical outlook isn’t great

1 min read

Major currencies keep little changed ahead of European trading

The dollar is finding some stability as it sheds early losses but is still keeping rather vulnerable after yesterday’s tumble post-FOMC meeting.

Even as major currencies are not doing a whole lot yet, the technical bias appears to be leaning towards a weaker dollar as we look towards the end of the week.

EUR/USD D1 29-04

EUR/USD in particular has broken above key trendline resistance, seen today @ 1.2111, suggesting an extended breakout towards 1.2200 if buyers hold above that.

GBP/USD buyers look keen on retesting 1.4000 while USD/CAD is running with the break towards its lowest levels since February 2018 near 1.2300 currently.

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