The US dollar is drifting lower for a 5th day in a row despite haven appeal prompted by the Middle East crisis. The technical outlook for the greenback may be starting to change.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.2023-10-10 11:00:11IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.02%, while traders in USD/JPY are...The US dollar is currently printing a 5th red candle in a row despite the greenback benefitting from flight-to-safety flows.
The dollar index is currently pressing against the 20-day simple moving average and is attempting to break below the September 29th spike low at 105.67. A confirmed break would leave 105.48 and 105.35 as the next levels of support.Against this background of a weaker greenback, EUR/USD has pushed off the recent multi-month low at 1.0448 and now trades back around 1.0600. The Euro as a currency remains weak and all of the EUR/USD move higher is being driven by a weak US dollar.
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