The euro is moving higher against the greenback after the Federal Reserve paved the way for a July rate cut during yesterday’s monetary policy statement. The EURUSD pair has an intraday bullish bias while trading above the 1.1260 level, although upside momentum is fairly weak. Overall, EURUSD bulls need to break the 1.1290 level or the pair could return back to the 1.1225 level.
The EURUSD pair is only bearish while trading below the 1.1260 level, key technical support is found at the 1.1245 and 1.1225 levels.
If the EURUSD pair trades above the 1.1260 level, buyers may test the 1.1290 and 1.1321 levels.