The euro rises as the eurozone’s CPI meets the market’s expectation in June. Sentiment remains bullish after the price broke above the major resistance (1.5940) from the daily chart.
The latest correction could be mere accumulation to lay the groundwork for the next round of rallies. The pair bounced back from the 50% (1.5790) Fibonacci retracement level. A bullish breakout above 1.5980 would trigger a runaway rally towards 1.6100.
On the downside, 1.5870 is the first support to let the RSI cool down.
