USD bears are losing their grip

FX:EURUSD   Euro / U.S. Dollar
The greenback remains under pressure against major rivals. However, the currency started to signal the potential recovery lately. The recent example of this was yesterdays’ reaction to the Fed’s Beige Book. The report was fairly “hawkish” as the central bank has confirmed its intention to hike rates three times this year. The release triggered renewed dollar demand.
Despite the USD’s bullish impetus stalled quickly, the latest market behavior shows some signs of selling fatigue. Moreover, the currency is deeply oversold, and the aggressive sell off that continued this month in fact doesn't look to be reinforced by meaningful fundamentals. Therefore, in the nearest future, fresh recovery signals should be expected.
In the EURUSD , pair this implies the increasing downside risks, especially after the recent verbal interventions from the ECB officials that expressed concern over euro strength which poses a threat to the euro area inflation growth.
The pair recovered above 1.22 and focused on the next psychological hurdle again, which may be tougher to overcome this time. In the longer term, however, there is so far no threat to the major EURUSD bullish trend . The immediate significant support is now at 1.2180.


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