Softer US data has helped EURUSD head higher
The US economic surprise index suggests that incoming data will likely remain soft due to restrictive monetary conditions and a return to disinflation. Despite an expected rate cut from the ECB, softer US data has caused EUR/USD to rise.
The pair has been moving within a downward sloping channel since mid-May, with support at 1.0800 and resistance at 1.0942/1.0950.
The pair has been moving within a downward sloping channel since mid-May, with support at 1.0800 and resistance at 1.0942/1.0950.
Kommentar:
EUR/USD edged up slightly during Tuesday's Asian session and is currently trading around 1.0770. Both fundamental and technical outlooks call for caution before looking at the previous day's mild recovery from lows around 1.0730.
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