This currency pair is currently trading at a two-week maximum, and I expect further growth in quotations for two reasons. Firstly, an auction by the US Treasury Department for the placement of treasury bonds in the amount of $130.6 billion, which will provide short-term support to the dollar.

Secondly, in the US stock market, there is still an increased demand for shares from both retail and institutional investors, which will also support this currency pair, inasmuch as it is historically correlated with the S&P500 broad market index. US President Joe Biden has proposed a new ambitious $1.8 trillion plan. Biden’s plan includes $1 trillion in education and childcare spending over 10 years and $0.8 trillion in tax credits for middle- and low-income families. The implementation of the new anti-crisis program will help increase the income of American corporations.

Investment idea: Buy 108.70/108.50 and take profit 109.16.