The Euro closed slightly negative yesterday after trading in a small range between 1.1290 and 1.1320, having hit a high of 1.1350 on Friday. Market sentiment remains bullish for the common currency as traders are only focusing on Fed’s possible rate cuts in July, disregarding ECB’s dovish policy. The Eurozone macroeconomics calendar is light today; however, the US will be releasing May PPI numbers. A better-than-expected data could boost the Dollar back up, stopping the single currency’s bullish run in the short-term.
The Euro bears attempted to break below 1.13 yesterday, twice! But the bulls protected that level and boosted the single currency back to 1.1320s. Price action favors the bulls for now and as long as price remains above 1.13, traders will be eyeing to retest 1.1350 and possibly even 1.1370. The bears on the other hand, need to successfully break below 1.13 to pause this recent bullish momentum.
Support: 1.13 / 1.1260
Resistance: 1.1320 / 1.1350 / 1.1370