The euro currency has reacted positively to the outcome of the weekend’s Italian election and German Referendum results. The EURUSD pair has so far hit an intraday high of 1.2364, as Sunday’s Italian election result showed no conclusive outcome, whilst Chancellor Angela Merkel found the support she needed as the German SDP Party backed her. Traders now look to the release of Eurozone Retail Sales and Investor Confidence data, with the 1.2305 level acting as a vital daily pivot or the EURUSD pair.
The EURUSD pair is intraday bullish whilst trading above the 1.2305 level, further upside towards 1.2364 and 1.2430 seems possible.
Should the EURUSD pair move back below the 1.2305 level, price-action may correct back towards the 1.2278 and 1.2259 support levels.