The euro tested a six-week high earlier today, adding to the 0.66% gains made by yesterday’s close. Economic data from the eurozone was spare, with only the German PPI reporting coming out. Producer prices fell 0.1% missing estimates, but the news did not impact the currency at all.
Can the Euro Maintain the Gains?
The common currency broke past the major trend line in the early Asian trading session today. The break of the trend line saw price action turning a bit subdued near the top. Given the nature of the breach of the trend line, it is not quite convincing as yet. Therefore, the euro could pull back in the near term. A close below the trend line may see the EURUSD retesting 1.1394 level.
