The common currency posted strong gains on Wednesday as the USD fell. On the economic front, French industrial production jumped 2.1% in May, marking the biggest increase since May 2016. Similar gains were seen in Italy’s industrial production figures as well, which grew 0.9% on the month. The European Commission released its economic forecasts where it lowered eurozone growth to 1.2% for 2019.
Will the EURUSD Maintain the Bullish Gains?
The currency pair reversed just a few pips off the 1.1188 level of support. The reversal pushed prices higher as the EURUSD closed above 1.1250. If the bullish momentum is maintained, we could expect the euro to rise toward 1.1400 level of resistance. However, in near term, dips to 1.1250 will see support being formed.
