EUR/USD posts a fresh one-month high at around 1.0850 in Thursday’s European session.
EUR/USD rose to a fresh one-month high near 1.0850 amid weakness in the US Dollar ahead of the US inflation data for June. The US Dollar declines as Fed ’s Powell took away fears of inflation remaining persistent. The Euro capitalizes on easing fears of a widening French financial crisis and diminishing ECB rate cut prospects.
A breakout of the above-mentioned chart pattern results in a continuation of the trend, which in this case is bullish. The 20-period Exponential Moving Average near 1.0825 continues to support the Euro bulls. The 14-day Relative Strength Index establishes into the bullish range of 60.00-80.00, indicating that momentum has leaned to the upside. Going forward, the psychological figure of 1.0900 will be a key target for the Euro bulls. On the downside, the June 19 high at around 1.
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