The euro moved above the 1.16 level, which had been a strong resistance the day before. This made it seem like the euro might keep rising, but it stopped just short of 1.17 and then weakened.
Reports say that Federal Reserve Board member Waller is the most likely candidate for the next Fed Chair, and Steve Millan, NEC Chair, is being mentioned as the replacement for Board member Kugler. These reports increased expectations for an early interest rate cut, which led to selling of the U.S. dollar and buying of the euro. However, there seems to be a lot of selling orders around 1.17.
Because it is the weekend, some traders are expected to sell to adjust their positions.
Expected Euro/Dollar range: 1.1590 – 1.1690(38.2%)
Note: This information does not guarantee profits. Please make your own decisions when trading.