US dollar tries to build rally, eyes major euro bulwark

The dollar tried to extend a rally on Wednesday as chatter about the possibility of higher U.S. interest rates and a sell-off in tech stocks soured risk sentiment to the benefit of the safe-haven currency. The rebound put pressure on the euro which dropped to $1.2012 and threatened to breach important chart support in the $1.1995/1.2000 area. “If sustained, this could suggest today’s session may be important for near-term direction, particularly if EURUSD managed to close below the key $1.20 pivot,” said Ned Rumpeltin, European head of FX strategy at TD Securities. “We think we will need to see a daily close below the … (full story)

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