For dollar bulls, they have survived this instance a couple of times already in the past two weeks. I have been posting about these levels previously below:
The dollar had recovered some poise in the past week but is seen slipping again this week and we are running up against the key technical points highlighted in the above posts.
EUR/USD is once again trying to hold on to a firm break above 1.1000 with key weekly resistance still seen around 1.1033 for now. Adding to that is the recent highs around 1.1067-75 that is helping to keep the dollar from breaking apart.
Meanwhile, GBP/USD is trading up by 0.5% to 1.2470 now (the high earlier clipped 1.2485) with buyer setting their sights on the 1.2500 mark once again. The figure level remains a key challenge on both the daily and weekly charts and it will require a firm break above that to really convince of a further upside extension towards the May highs from last year around 1.2660 next.
This article was written by Justin Low at www.forexlive.com.