EUR/USD Seeks Support

The US dollar advanced after the Philadelphia Fed President commented in favor of tapering this year.


The single currency has not looked back after it turned away from the daily resistance at 1.1920. The bulls’ effort to bid at 1.1800 has been futile.


An oversold RSI has attracted some buying interest, but they will need to clear the fresh hurdle at 1.1840. Then 1.1900 would be the next stop.


Failing that, the rebound could be an opportunity to sell into strength. 1.1740 is a key support in case of an extended pullback.


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