The US dollar jumped as traders made room for the Fed minutes later in the day. The euro’s consolidation at the end of December has failed to achieve a new high. A sharp drop below the demand zone 1.0580-1.0610 confirms exhaustion and is typical of a liquidation after the pair enjoyed a two-month long uninterrupted rally. The daily support at 1.0450 is the level to see if buyers start to come back. Otherwise, the correction could send the price to 1.0300. The support-turned-resistance at 1.0590 is the first hurdle to clear.
