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EUR/USD jumps above 1.19, USD melts

  • Spot suddenly leapt beyond 1.19, fresh tops.
  • USD plummeted to lows in the 92.80 region.
  • White House headlines hitting the wires.

An unexpected bout of USD selling pressure is now lifting EUR/USD above the 1.1900 handle, charting an outside day and fresh 2-day tops at the same time.

EUR/USD up on USD-selling

Spot gathered unusual upside traction after the US Dollar Index (DXY) plummeted to the 92.80 area all of the sudden and without any catalyst on sight other than the story by The New York Times.

In fact, the NYT reported that the White House could replace current Secretary of State R.Tillerson with M.Pompeo, who in turn will be replaced by Senator T.Cotton at the helm of the CIA.

In the meantime, yields of the key US 10-year reference remains sidelined in the upper end of the recent range just below the critical 2.40% handle.

EUR/USD levels to watch

At the moment, the pair is gaining 0.57% at 1.1914 and a breakout of 1.1961 (high Nov.27) would target 1.2033 (high Sep.20) en route to 1.2069 (high Aug.29). On the other hand, the immediate support aligns at 1.1810 (low Nov.30) followed by 1.1774 (55-day sma) and finally 1.1713 (low Nov.21).

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