EURUSD continues to soar
Gary Christie July 27, 2020 12:12 PM
The uptrend continues, here is a look at key levels.
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
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