Dollar strengthened sharply as trader waiting FOMC Meeting Minutes

US dollar Rose sharply against a basket of major currencies on Tuesday, as traders waiting FOMC Meeting Minutes.

FOMC Meeting Minutes may provide cues on its policy tightening path. According to CME group, FED probably will rise rates next month by 25 bp to 4.50%-4.75% range.

Affected by rising Dollar, EURUSD pair dropped to 1.0519.

Data from German Federal Statistical Office was released today, showing CPI inflation in Germany fell more than market expectations to 8.6% in December, from 10%.

The down side movement of EURUSD pushed the pair below 13% minor correction level located at 1.0578. therefore, as long as EURUSD trading below 1.0600, it could try to test 23.6% correction level at 1.0451, specially while the pair is trading below Ichimoku indicator cloud.

Res: 1.0580; 1.0600; 1.0670; 1.0710
Sup: 1.0490; 1.0450; 1.0410; 1.0375