EURO STILL CORRECTING TO THE UPSIDE
The euro continues to correct to the upside against the US dollar, with price earlier hitting 1.1968, marking the highest trading level for the EURUSD siting May 4th. The recent move lower in the value on the US dollar index has largely been driven by weaker than expected CPI and PPI inflation figures from the United States economy. As bullish momentum builds, traders will look for further upside in the EURUSD pair, with the 1.2000 level the key resistance area to watch.
The EURUSD pair is intraday bullish while trading above the 1.1932 level, further upside towards 1.2000 and 1.2031 seems possible.
If the EURUSD pair moves below the 1.1932 level, we may see a correction back towards the 1.1900 and 1.1874 support levels.