The US dollar showed mixed dynamics against the majors in Thursday’s European session. It’s currently trading up against the euro, franc, and yen, and down against the pound, Kiwi, Aussie, and loonie.
After yesterday’s drop, a correction took the euro from 1.1655 to 1.1693 (+30). Euro sales then recommenced as trading opened in Europe. Sellers managed a new daily low of 1.1650 ahead of the US session.
From a technical perspective, the pair is ready for an upwards correction. Don’t expect any significant price recovery to take place, however, as most of the euro crosses are currently in negative territory. The euro has, however, made gains against the safe havens; the yen and franc. This could help the euro at least recover today’s losses against the dollar. I think that 1.1705 is a realistic target for the upwards correction.