The EUR/USD exchange rate continued rallying as the US dollar sell-off slide resumed.
The pair jumped to a high of 1.0500, the highest point since April 14 of this year. This price was a few points above last week’s low of 1.0908.The US dollar index resumed its downward moves on Monday after recovering modestly last week. It retreated to $101, the lowest level since Apri 14 of this year. There are several reasons why the dollar is falling, including the likelihood that theEconomists expect that the Fed will hike rates by 0.
The US dollar has also declined because of the potential for de-dollarization as more countries move to fight the dollar hegemony. BRICS countries are deliberating on how to use an alternative to the US dollar for their trade. However, shifting from the greenback is significantly difficult. Meanwhile, the EUR/USD pair has risen because of expectations that the European Central Bank will be more hawkish than the Fed. Expectations are that the ECB has at least three more rate hikes to implement before it peaks.
There will be no economic data from Europe on Tuesday. Therefore, the pair will react to key economic numbers from the US. The key number to watch will be the US consumer confidence data by the Conference Board. Analysts expect the data to show that consumer confidence dropped from 104.2 in March to 104.0 in April. The US will also publish the latest new home sales and house price index data.The EUR/USD pair has been in a strong bullish trend in the past few days.
Therefore, the pair will likely continue rising in the next few days as buyers target the key resistance point at 1.1011. This view will be confirmed if the pair jumps above the key resistance point at 1.1066, the highest point on April 14.Top Forex Brokers
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