A better market mood weighs on safe-haven assets at the beginning of the week, resulting in the US Dollar shedding ground against its European rivals.
EUR/USD Current price: 1.0840 The surprise outcome of the French elections brought relief to financial markets. The United States will publish the June Consumer Price Index this week. EUR/USD pressures July high, faces strong resistance at around 1.0850. The EUR/USD pair reached a fresh July high of 1.0842, holding nearby ahead of Wall Street’s opening.
On a positive note, Germany reported a Trade Balance superavit of €24.9 billion in May, better than anticipated. The American session will bring short-term bill auctions and May Consumer Credit Change. Later in the week, the country will publish the June Consumer Price Index . EUR/USD short-term technical outlook The daily chart for the EUR/USD pair shows it found intraday support above the converging 100 and 200 Simple Moving Averages , providing support at around 1.0790.
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