EUR/USD jumps to fresh session highs on Trump comments

The EUR/USD pair leaped around 50 pips in a matter of minutes after President Donald Trump's comments on the USD appeared in a WSJ article. At the moment, the pair is up 0.43% at 1.0648.

President Donald Trump argued that the dollar was getting too strong and making it hard to compete with other countries who devalue their currencies. He further added that he would prefer the Fed to keep interest rates low.

Following the comments, the US Dollar Index renewed its weekly low at 100.19 before recovering some of the losses. At the moment, the index is down 0.32% at 100.31.

Technical outlook

The pair could face the first resistance at 1.0655 (50-DMA) before extending the rise towards 1.0700/10 (psychological level/20-DMA) and 1.0815 (200-DMA). On the downside, supports align at 1.0630 (100-DMA) followed by 1.0570 (Monday's low/monthly low) and 1.0500 (psychological level).