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technical analysis

The US dollar closed bearish, marking two consecutive days of declines. This comes as investors likely booked profits ahead of the Wednesday FOMC meeting. The Federal Reserve is expected to lower interest rates by a quarter basis point. Meanwhile, on the economic front, retail sales rose 0.4% on the month in August. This beat estimates of a 0.2% increase.

Euro Maintains Gains as Trade Surplus Rises

The euro currency managed to hold on to the gains from the ECB meeting on Thursday. The common currency posted modest gains on Friday. The trade surplus report for July showed an increase. On a seasonally adjusted basis, eurozone’s trade surplus rose to 19 billion from 17.7 billion in June. Exports gained 6.2% while imports rose 2.3% on the year ending July.

EURUSD Could Retest Support

The upside momentum looks to be fading at the moment. As a result, this could push the common currency lower to test the support at 1.1030. Establishing support at this level will open the upside bias. The re...

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