Asia open: The USD is broadly weaker ahead of US CPI

The US dollar was the weakest major currency overnight, falling broadly lower against its peers and placed EUR/USD as the biggest gainer and USD/CHF as the weakest pair of the session. EUR/USD now sits at 6-day high and closed above the 50 and 100-day eMA. Friday’s bullish engulfing candle (which formed part of a bullish 2-bar reversal) suggests a corrective swing low has formed and bullish momentum has now realigned itself with the longer-term bullish trend. Yesterday’s bullish candle also closed convincingly above its retracement line. • The bias remains bullish above the 1.2043-50 support zone … (full story)

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