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Euro traded to a new seven-month high last week after weak U.S. inflation and retail sales data. The spike was reversed few hours later on hawkish FOMC decision. PMI data at the end of the week will be closely watched by market participants.
The pair has been trading sideways for about a month. December - May channel top, late May low and 1.11 big figure level combine to a strong support area, followed by 1.10 - 1.1050 (early May high, 50 DMA). 1.13 remains a formidable upside barrier.
The pair has been trading sideways for about a month. December - May channel top, late May low and 1.11 big figure level combine to a strong support area, followed by 1.10 - 1.1050 (early May high, 50 DMA). 1.13 remains a formidable upside barrier.