The US dollar is fighting the best it can to stay strong and try to reach a new high against the euro. Looking at the most recent price action, that remains a possibility if minor support at 0.9704 is broken. The 11-year decline in EUR/USD is about to end and it's just a matter of time before EUR/USD starts to rally strongly. Only a direct break above resistance at 1.0095 will confirm that a long-term already is in place.
The labor market in the US remains relatively strong. The Fed hikes rates more aggressively to fight inflation than the market has expected. However, the underlying weakness in the US economy will soon show its ugly face as the real estate market is on the edge of a collapse and that will be a major drag on the economy.
