Ahead of the UoM consumer sentiment data, the US dollar remains on the backfoot, after this week's weaker inflation data and last week’s sharp decline.
The EUR/USD has been among the strongest currencies out there, driven largely by Germany’s ambitious spending plans. Chancellor-in-waiting Friedrich Merz is racing against time to persuade parliament to approve a €500 billion fund for infrastructure, alongside sweeping reforms to borrowing rules, in an effort to spur growth and increase military spending in Europe’s largest economy.
Markets remain largely confident that the deal will go through, keeping both the euro and European stock markets firmly on the front foot.
With the EUR/USD breaking the resistance trend of what appears to be a bullish flag continuation pattern, it looks like the path to 1.10 has now been cleared. Support at 1.0900 needs to hold.
Line in the sand is at 1.0830 now, below which would be bearish.
By Fawad Razaqzada, market analyst with FOREX.com
The EUR/USD has been among the strongest currencies out there, driven largely by Germany’s ambitious spending plans. Chancellor-in-waiting Friedrich Merz is racing against time to persuade parliament to approve a €500 billion fund for infrastructure, alongside sweeping reforms to borrowing rules, in an effort to spur growth and increase military spending in Europe’s largest economy.
Markets remain largely confident that the deal will go through, keeping both the euro and European stock markets firmly on the front foot.
With the EUR/USD breaking the resistance trend of what appears to be a bullish flag continuation pattern, it looks like the path to 1.10 has now been cleared. Support at 1.0900 needs to hold.
Line in the sand is at 1.0830 now, below which would be bearish.
By Fawad Razaqzada, market analyst with FOREX.com
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