The US dollar climbs as the US economy is gaining steam while other parts of the world face new Covid restrictions.
The pair has shot up to last June’s high at 109.85 after it broke out of the consolidation range under 109. The bias remains strongly bullish, though an overbought RSI would suggest a temporary pullback as traders take profit.
In that case, the rising trendline and 20 and 30-hour moving averages would become the demand zone. A deeper retracement may find support from the former resistance at 109.20.
