Today, investors will focus on the European Central Bank’s interest rates decision due later this afternoon (expected to be unchanged). It will be followed by Christine Lagarde’s press conference. Earlier today in Europe, the European Commission will report May trade balance (4.5 billion euros surplus expected) and France’s INSEE will post final readings of June CPI (+0.1% on year expected).

From a technical point of view, on a daily chart, EUR/USD has validated a bullish flag and is supported by its rising 50-day moving average (in blue). Readers may therefore consider the potential for further rise above support at 1.1250. The nearest threshold would be set at yearly high at 1.1495 and a second one would be set at horizontal resistance at 1.1565 in extension.

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