Euro's Upside Capped Near 1.1600 After Intervention Jolts Dollar, Yen
The euro may struggle to rally beyond 1.1600 as a joint US-BOJ intervention sharply weakened the Dollar Index and USDJPY, with support levels seen at 99.50 and 154.60 respectively.
EURUSDUSDJPYDXY
A morning briefing notes the euro could limit its immediate upside to around the 1.1600 handle.
A coordinated intervention by the US and the Bank of Japan has sent the Dollar Index and USDJPY sharply lower, keeping major currencies highly volatile.
Technical supports are identified near 99.50 on the Dollar Index and 154.60 on USDJPY. These levels are expected to hold and spark a decent bounce in the near term.
Source: FXStreet Forex News