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Coleman: Can the Dollar’s rise be stopped

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Over the past week, the dollar has hit new multi-year highs against the yen and the euro pushing the dollar index to a four-year high of USD 87.406. Ian Coleman from First 4 Trading is looking to sell EURUSD after disappointing euro zone economic data added further pressure on the euro. On Monday the euro hit a two year low of USD 1.2390 against the dollar.

Investors are calling for further quantitative easing measures from the European Central Bank, ahead of Wednesday’s scheduled meeting. Cries for added QE measures escalated after the Bank of Japan shocked the market last Friday with an increase in their annual asset purchase program to 80 trillion yen. The announcement caused the dollar to hit a seven year-low against the dollar at 114.21. The weakening global economy has pushed the dollar to these new multi-year highs. Further gains for the dollar are expected this week, with investors expecting positive signs from the US Jobs report out on Friday.
 
With a break of previous support at USD 1.2500, Ian is looking to sell EURUSD at the market open. He is targeting a move lower towards USD 1.2493 and USD 1.2450. A stop can be placed at USD 1.2570.
Ian Coleman is a technical and he contributes to Saxo Bank's social trading platform. 
 

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