USD under pressure against the EUR

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By :  ,  Financial Analyst

USD under pressure against the EUR

The US Dollar was bearish against all of its major pairs on Monday. 

On the economic data front, Empire Manufacturing spiked to -0.2 on month in June (-29.6 expected), from -48.5 in May. 

On Tuesday, Retail Sales Advance for May is expected to rise 8.0% on month, from -16.4% in April. Finally, Industrial Production for May is expected to increase 3.0% on month, from -11.2% in May.                                                                                                           

The Euro was bullish against most of its major pairs with the exception of the AUD. In Europe, the European Commission has reported April trade balance at 1.2 billion euros surplus (vs 25.5 billion euros surplus in March).

The Australian dollar was bullish against all of its major pairs. 

One of the most active currency pairs on Monday was The EUR/USD which jumped appx. 65 pips to 1.1321. The pair broke above a rectangle consolidation after breaking its bearish trend channel to the upside on a 1-hr chart. As long as 1.1275 can hold as support, look towards a test of 1.1395 resistance. A break below 1.1275 could call for a test of 1.122 intraday lows. 

Source: GAIN Capital, TradingView

Happy trading.
Related tags: EUR Forex USD Forex

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