FxWirePro: EUR/USD intraday upside momentum strong as dollar dips on weak U.S. data, North Korea concerns
EUR/USD rose on Monday as weaker-than-expected economic data from the U.S. and a missile test by North Korea over the weekend pressured the dollar. U.S. data on Friday showed a smaller-than-expected 0.4 percent increase …
EUR/USD rose on Monday as weaker-than-expected economic data from the U.S. and a missile test by North Korea over the weekend pressured the dollar.
U.S. data on Friday showed a smaller-than-expected 0.4 percent increase in April retail sales from the previous month, while a disappointing report on consumer prices raised concerns about the retail sector and the broader economy.
The greenback also ground after North Korea said it had successfully tested a new mid-to-long range missile able to carry a large-scale nuclear warhead.
The currency pair, remains under bulls control unless until it trades above 1.0949 support level, therefore it is good to buy this pair on dips.
To the upside, immediate resistance can be seen at 1.1012, a break above will take the pair towards next resistance level at 1.1090.
To the downside, immediate support can be seen at 1.0949 levels, a break below will open gates towards 1.0884 levels.
