The euro has risen sharply higher against the U.S dollar, reaching 1.1840, after weaker than expected economic data from the United States and a significantly more dovish than expected FOMC Minutes. The bulk of the largest U.S dollar sell-off in five months, came after the minutes of the Federal Reserve’s last meeting showed “many participants” were concerned that inflation would stay below the bank’s 2 percent target for longer than expected. Traders now await the release the ECB Meeting Minutes, during the upcoming European trading session.
The EURUSD pair remains strongly bullish while trading above the 1.1807 technical level. Further upside towards 1.1860 and 1.1910 seems likely.
A sustained loss of the 1.1807 level may lead to a euro price-correction towards the 1.1755 level.
