The euro whipsawed higher after the eurozone’s better-than-expected retail sales in May. The single currency saw strong buying interest at the key demand zone of 0.8530.
Early bulls have seen an oversold RSI as a buying opportunity. Momentum above 0.8560 indicates that sellers may have rushed to close their positions. The RSI has reemerged back to the neutral area.
0.8580 is the next target, its breach could clear the path for 0.8610, the top of the recent consolidation range.
