The common currency invalidated the double top pattern that was formed by last Friday’s close with the currency pair rising 0.10% on the day. The breakout to the upside came against a weaker greenback. Data from the eurozone was quiet with only the release of the monthly report from the German Bundesbank. The report painted a bleak picture as officials acknowledged a weaker pace of growth in the first quarter of the year.
Will The Euro Advance Gains?
The upside breakout from 1.1329 resistance could eventually push the common currency to test the multi-month falling trend line which is likely to act as dynamic resistance around the 1.1400 level. The overall price action in the EURUSD remains quite choppy. The recent gains have shown a sharp recovery as price rose at the same pace of declines as before.