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USD seeing some love but its all about the Tax bill

Market Analysis

EURUSD, H1

EURUSD carved out a fresh low at 1.1761, breaching yesterday’s low by 7 pips and marking a full 100 pip decline from yesterday’s one-month peak. The move largely reflects a bid for the dollar, a rebound following a several-day phase of under performance, while the euro is trading mixed versus other currencies, firmer against the yen and Swiss franc, but weaker against the pound. The release of as-expected final October inflation data out of the Eurozone has had little impact. Decent selling interest is reportedly clustered around the 1.1800 level in EURUSD. Attention will remain on the tax reform bill in the U.S. News that two Republican senators (Ron Johnson and Susan Collins) have publicly criticized the bill suggests dollar bulls may be wise to tread carefully, lest this portends the vote in the upper chamber failing (the GOP has only a 52-48 majority in the Senate), which in the event would likely spark dollar selling. EURUSD has a key near-term support zone at 1.1767-70, which is presently being tested.  1.1780 and the psychological 1.1800 remain upside resistance levels.

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Stuart Cowell

Senior Market Analyst

HotForex

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