Eurusd Trades In Green

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Eurusd Trades In Green

Eur/Usd Trades In Green At 1.0750 On German Inflation Data

EUR/USD is trading in green near the 1.0750 handle as the 2nd half of Monday's session unfolds. The recently released data from Germany has shown a 2.2% decline in the CPI inflation (annual) during June.

decline in German inflation is a sign that the other EU economies will also likely produce similar readings. All of this means the road to the rate cuts in the EU region now have fewer roadblocks as compared to the past. This has put a lid on the gains in the EUR as the EUR/USD is now undergoing consolidation.

Eur/Usd Investors Eyes Us Ism Data

Now that the German inflation for June 2024 is released, investors are looking forward to the manufacturing PMI data from the USA.

As per the technical analysis, the 50% retracement level is present at 1.0760, which also aligns with the resistance at the same level. So, once the EUR/USD pair can turn that resistance into support, the next target will be 1.0800, where the 200 SMA is located on the H4 chart.

Once the 1.0760 and the 1.0800 hurdles are cleared, the next stop for the EUR/USD bulls will be the 1.0840 - 1.0850 region, where a lot of pending sell orders are located.

On the way down, the nearest support for the EUR/USD is 1.0740, where the 100 SMA is present. After that, there is a gap of 40 pips with the next support at the 1.0700 handle and then 1.0670.

The last week was a good one for the EUR/USD as the pair closed in the green. This week, the pair has kicked off the trading session with a bullish gap and is now eyeing the 1.0800 handle. Although the German inflation has kind of stopped the bullish advance, the pair is still bullish.

The ongoing French elections is also a major catalyst for the EUR/USD pair. Any upset or a major change in the situation could also lead to losses in the EUR/USD as the France is one of the major economies of the EU region.

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