The USD sell off as traders set a chain of profit taking after 2 weeks rally due to various factors: - Greece uncertainty of exiting the EZ make holding USD worthwhile - US Economic data has been promising with CPI much higher - Hawkish comment from Yellen - That view is changing with 5th of June looming for a potential deal and no Grexit
A lower USD potentially because: - Euro rally with Bund unable to find support and Grexit averted - Unwinding of USD/JPY longs - Commodities currencies caught bids - A worse than expected US economic data
A higher USD potentially because: - Grexit so USD safe haven currency - Better than expected US economic data that imply a September rate hike - Hawkish comment from Fed members
Technically: - Heavy band of resistance between 96.63 and 97.73 - Heavily biased for more downside with a possible AB - CD playing out
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