The euro currency posted modest gains on Monday, rising 0.08% on the day. Economic data was sparse as German GDP for the first quarter was confirmed to rise 0.4%. The gains were driven by an increase in household consumption and personal spending. The German central bank, Bundesbank, however, cautioned that growth could contract in the second quarter.
EURUSD Attempts to Rebound
On Monday, the common currency was seen posting modest gains. This came as price action coincided with the dynamic support of the trend line and the horizontal support at 1.1208. A follow through to the upside from here could see EURUSD testing the resistance level of 1.1250. We expect the currency pair to drift sideways within this range ahead of Wednesday’s Fed meeting.
