The common currency rose 0.3% on Monday boosted by weaker demand for the greenback. Economic reports from the eurozone saw the Sentix investor confidence rising to -0.3 for April. This was better than the median estimates which forecast a decline to -1.7 and up from -2.2 from the month before.
Can EURUSD Maintain the Bullish Momentum?
After price consolidated briefly, we saw a breakout from the short term resistance level near 1.1246. The euro posted intraday gains to reach highs of 1.1273 before modestly pulling back. In the near term, we expect the pullback to stall near the resistance level of 1.1246. A rebound off this level could indicate the upside momentum to continue with price targeting 1.1275.
