The euro has made modest gains against the U.S dollar as the new trading week gets underway, as the greenback comes under early selling pressure. The EURUSD pair has so far risen towards the 1.1620 level, ahead of a possible indictment in the investigation of the Trump campaign’s links to Russia, and speculation that Federal Reserve Governor Jerome Powell will be appointed to FED Chair. Governor Powell is seen by financial markets to be more dovish towards U.S fiscal policy.
The EURUSD pair is expected to continue to recover upside momentum while clearly trading above the 1.1610 level. Further advances towards 1.1644 and 1.1670 remain likely, with extended intraday resistance found at the 1.1713 level.
A sustained loss of the 1.1610 level for the EURUSD should lead to a further decline towards the 1.1580 and 1.1560 technical levels.
