VOT Research Desk
Tuesday sees new purchasing in the EUR/USD pair, which for the time being appears to have stopped the previous day’s retracement decline from close to the 1.0600 mark, or its highest level since late June.
In the previous hour, the pair has continued to rise steadily as it enters the North American session, reaching a new daily high in the region of 1.0525-1.0530.
The recent breakout through a technically key 200-day SMA, meanwhile, gains support with the appearance of some dip-buying on Tuesday.
This in turn strengthens the likelihood that the recent positive trend will resume, which should enable the EUR/USD pair to launch a new assault on the 1.0600 level.
The risks associated with the key data and event risks for the following week, the Data on US consumer inflation, the FOMC’s decision, and the ECB’s meeting to discuss monetary policy
