EURUSD continues to soar

The uptrend continues, here is a look at key levels.

Charts (1)

On Monday's U.S. economic data front, Durable Goods Orders increased 7.3% on month in the June preliminary readings (+6.9% expected), compared to a revised +15.1% in the May final reading. 

On Tuesday, the Conference Board's Consumer Confidence Index for July is expected to fall to 94.7 on month, from 98.1 in June.

In Europe, Germany's IFO Business Climate Index at 90.5 (vs 89.3 expected) and Expectations Index at 97.0 (vs 93.4 expected) for July were released. The European Central Bank has reported M3 Money Supply growth in June at +9.2% (vs +9.3% on year expected).

Regarding currency pair movers on Monday, The EUR/USD jumped 105 pips to 1.178 in mid-day trading. The Dollar index fell 0.87pt to 93.57 as the USD remains under pressure with gold rising $33.76 (+1.77%) to 1935.78 reaching a high of 1941.80. 

The EUR/USD surpassed key resistance at 1.172, surging to 1.178. Traders are watching the next major level of resistance at 1.182, a level not seen since September 2018. For now, the uptrend remains in-tact as the pair approaches trend channel resistance. A dip below 1.1575 would be a warning signal of a possible reversal. 



Source: GAIN Capital, TradingView

Happy Trading.

More from Forex

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.