He EUR/USD appreciated 2.1% to 1.0940 so far in July from its trend line support near 1.07, according to the Senior FX Strategist at DBS, Philip Wee.
Significant trend line resistance emerges at 1.0970
“This month’s rally was attributed to the European Central Bank’s signal at its forum in Sintra (July 2) of a pause at today’s governing council meeting (which it did) in the face of more Fed officials opening the door to a rate cut this year as US inflation resumes its decline amid rising unemployment rates.”
Politically, the Euro (EUR) was relieved to learn that the far-right National Rally party fell to third place in the second round of the French elections despite its large gains in the first round. However, EUR/USD is facing significant trendline resistance around 1.0970. The EUR is feeling the weight of some liquidation of Yen carry trades.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
