The euro currency was seen posting strong gains as the common currency rose to a three-month high. The gains in the euro came about mostly on a weaker USD. Economic data from the Eurozone was limited. French industrial production figures saw a 0.4% increase beating estimates of a 0.3% increase. But Italian retail sales stayed flat against estimates of a 0.2% increase.
Will the EURUSD Trend Higher?
The breakout in the currency pair above the 1.1250 level marks a modest milestone. The next main target for the EURUSD will be the 1.1400 region. This level was previously tested for resistance. Further gains in the currency pair will likely see a retest of this level in the near term. To the downside, the support at 1.1250 could be tested. This correction could potentially attract new buyers into the market.
