The euro has rebounded strongly against the U.S dollar, hitting 1.1807 during the European trading session. After dipping to 1.1722, EURUSD bargain hunters bought the pair the aggressively, despite the ongoing political uncertainty in Germany. The euro currently trades around the 1.1780 region, pulling back from the daily price high, ahead of the U.S trading session. The macro-economic calendar remains fairly light in the U.S, traders will look to 1.1800 handle for guidance on the euros directional bias.
The EURUSD pair is now intraday bullish while trading above the key 1.1755 level. Further upside towards the 1.1807 and 1.1860 remains possible while euro buyers retain control.
Any loss of the 1.1755 zone will likely lead to a further weakening of the EURUSD pair back towards the 1.1710 technical level.
