EURUSD daily
The euro has now returned to stability during the year.
It opened at 1.1036, dropped to 1.0601 on April 15, and has now risen to its highest level.
There is some resistance at the December high of 1.1139 followed by last year’s high of 1.1276.
The latest move in EUR/USD is more about the US dollar after lower CPI and PPI numbers this week but don’t rule out more EUR selling later. The numbers coming out of Europe are worrying, especially Germany. Eurozone industrial production figures fell by 0.1% today compared to +0.5% expected. The German ZEW sentiment survey also fell yesterday to its lowest level since February.
It is also worth noting that the range we have seen so far this year in EUR/USD has been very tight from a historical perspective. Normally, you would see 15 to 20 big figures, but the range is currently over 4 figures.
A real trend in the Euro market would be a godsend for forex trading, although it is hard to complain given how vibrant the USD/JPY pair is.
Euro Yearly Chart