Wed, Feb 01, 2023 @ 18:31 GMT

EUR/USD Recoups Losses

The US dollar tanked after wage growth was slower than expected in December. The pair previously came under pressure near last June’s highs around 1.0750. A double top at 1.0710 capped the euro’s advance and led to a correction. A three-leg sell-off below 1.0520 prompted some buyers to bail out but strong support has been observed in the demand zone 1.0450-1.0480. A bounce above 1.0630 may help the bulls regain confidence, making 1.0600 a fresh support. A close above 1.0710 would extend the rally towards 1.0800.

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