The EURUSD pair held steady as the market reflected on the significantly weak data from Europe and the US dollar sell-off.
Enter your emailThe pair will likely continue rising as bulls target the key resistance level to watch will be at R2 at 1.035.Timeline: 1-2 days.EUR/USD pair
It rose to a high of 1.0275, which was the highest level since Junly 5th of this year. The pair has risen by about 3.5% from its lowest level in June.The European economy has come under intense pressure in the past few months as the crisis in Ukraine continued. Data published on Monday showed that retail sales in Germany fell at the slowest pace since records started in 1994. They declined by 8.8% in June compared with the same month last year. Sales fell by 1.6% on a month-on-month.
The situation will likely continue getting worse as Europe’s gas prices continued rising. Gas prices continued rising as Russia continued squeezing the region. On Sunday, the country stopped supplying natural gas to Latvia.
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