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EUR/USD - Euro In a Solid Uptrend Vs US Dollar

3 July 2017 10:04 AM BDT
EUR/USD - Euro In a Solid Uptrend Vs US Dollar
Key Highlights The Euro made a nice upside move against the US Dollar due to positive sentiment. The EUR/USD pair has settled above a major resistance area at 1.1280 on the 4 hours chart. Recently in the US, the Personal Income for May 2017 released by the Bureau of Economic Analysis, Department of Commerce posted an increase of 0.4% (MoM). Today in the Euro Zone, the German Manufacturing Purchasing Managers Index (PMI) for June 2017 will be released, which is forecasted to increase from 59.3 to 59.4. EURUSD Technical Analysis

The Euro climbed higher and broke a crucial resistance at 1.1280 vs the US Dollar. The EUR/USD pair is currently trading above 1.1400 and looks set for more gains.

This past week was eventful for EUR/USD, as the pair managed to gain strength and broke a few resistances like 1.1240 and 1.1280.

It called for a sharp rally and the pair rose to a new monthly high of 1.1444. The pair is currently consolidating gains and trading above the 1.1400 handle.

There is a contracting triangle pattern with support at 1.1410 formed on the 4 hours chart. As long as the triangle support is intact, there are chances of more gains above 1.1440. On the downside, the next major support is at 1.1350, followed by the 1.1280 barrier.

US Personal Income

Recently in the US, the Personal Income for May 2017 was released by the Bureau of Economic Analysis, Department of Commerce. The market was aligned for an increase of 0.3% in May 2017, compared with the previous month.

The actual result was better, as the Personal Income increased 0.4%. However, the last reading was revised down from 0.4% to 0.3%. On the other hand, the Personal spending rose 0.1%, just as the market expected.

The report stated that:

Personal income increased $67.1 billion (0.4 percent) in May according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $71.7 billion (0.5 percent) and personal consumption expenditures (PCE) increased $7.3 billion (0.1 percent).

Overall, it looks like the market sentiment is very bullish for EUR/USD and the pair may move above 1.1440 in the near term.

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