The Euro is making new highs as Dollar is loosing ground

Dollar declined against the Euro in the last eight days and the trend seems to continue this morning as well. The Euro was the biggest beneficiary of the USD weakness. It has broken the 1.1100 level in the Asian session. The next strong resistance is around 1.1500.

The Pound is range-bound between 1.2850 and 1.3000.

AUD retraced the 0.7450 level.

Kiwi is still struggling near the 0.6850 major resistance,

JPY is nearing the 112.00 major resistance,

CAD is also at a major resistance around 1.3600. The oil rally helped the loonie, but given the Dollar overall weakness and the oil rally in the last few days the technical picture doesn't seem to be very impressive for the bears.

SGD is also nearing major resistance.

It seems it is just too many resistances now that might suggest a potential USD correction.

NAFTA, BOJ, ECB, Economic Data

It is gonna be a busy day.

Overnight NAFTA news moved CAD and MXN as WH announced: "President Trump agreed not to terminate NAFTA at this time". It is very generous indeed... CAD huge bearish engulfing at a major resistance:

BOJ leaves monetary policy unchanged, boosts outlook for Japan economy. JPY did not move on this.

ECB meeting and the press conference could be more interesting. There is an upside risk to EUR if Draghi mentions ending asset purchases in his press conference. Chart technicals are a bit complicated as usual. We have a gap to fill at major resistance after a double top and a 4h bullish engulfing.

Equity indices exhibit reversal patterns especially SP500 at or near major resistance levels.

EUR breakout is being faded so far

EUR/USD broke the 1.0900 level yesterday, but after forming a double top it is now at 1.0880.