EURO STRONGLY BULLISH ABOVE 1.1807

The euro has risen sharply higher against the U.S dollar, reaching 1.1840, after weaker than expected economic data from the United States and a significantly more dovish than expected FOMC Minutes. The bulk of the largest U.S dollar sell-off in five months, came after the minutes of the Federal Reserve's last meeting showed “many participants” were concerned that inflation would stay below the bank’s 2 percent target for longer than expected. Traders now await the release the ECB Meeting Minutes, during the upcoming European trading session.

• The EURUSD pair remains strongly bullish while trading above the 1.1807 technical level. Further upside towards 1.1860 and 1.1910 seems likely.

• A sustained loss of the 1.1807 level may lead to a euro price-correction towards the 1.1755 level.