Today traders eye building permits. Yesterday's data was mixed. The core CPI rose to 0.3% in April, the unemployment benefits claims in the week ending May 10 advanced to seasonally adjusted 297,000, a decrease of 24,000 from the previous week's revised level, the industrial production declined in April. Federal Chairwoman Yellen delivered a speech, she applauded small businesses for helping in the economic recovery. She didn't say much about the monetary policy.
The US dollar faced resistance at the weekly upper trend line, 38.2 correction fib level from 82.67-79 levels, and daily 200 EMA levels. The weekly oscillators favor long side. If the price breaks 80.45, then it will spike up to 80.80, 81, 82.5 and 84 levels. On the down side, the initial support exists at 79.78 (this week's low) and 23.6 correction fib level and daily 50SMA level. We expect the price will come back to take the support and it will try to break the resistance level.
Weekly key level-
Support- 79.78
Resistance- 80.45
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