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Wednesday is setting up to be the day that we could see a technical and fundamental move on the major pairs that defines where fair value on the dollar goes this summer. We are seeing the 4 hour charts start to pull back through RSI reads that were dramatically oversold on the dollar.

We are seeing daily charts that confirm that it would not take too much Usd buying to initiate a move that sends a wave of automated orders to market that bank recent profit major pair profit, TheLFB Trade Team said. The overnight pull-back by the major pairs may just be the start of a near-term period of dollar buying, and it may well be initiated by the ADP employment numbers at 08:15 EDT,and the ISM read at 10:00 EDT.

Ahead of the ECB and BOE rate decisions on Thursday, and after a period of trade that has shown a raft of economic releases that have been better than expected, it may be time to reverse the recent dollar selling, and align for the reality of the European rate decisions.