The euro has been persistently testing the 1.4890 level versus the dollar for most of this morning. With the major U.S. macroeconomic indicators behind us for today, we could expect the current bullish Euro trend to continue and we could easily approach an all-time high before the day is over.
The PPI data released today showed increasing inflationary pressures, which should have been bullish for the dollar but the move was limited. The currency pair was very quick to return to the 1.4890 level to test it once again.
Alert: Beware of the all-time high of 1.4967 by the end of today's session and going into tomorrow!!!!
The U.S. has already used up its main catalysts which leads us to consider that the strong two week bullish trend will continue until it approaches the all-time high.
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