The currency pair developed its uptrend last week and has broken out 1.1068 resistance level. EUR/USD stays above this level in the moment of writing.
Weak US data and favorable changes in Brexit deal were essential catalysts for the currency pair’s growth. US retail sales were negative, while Philly Fed Manufacturing index declined to 5.6.
UK and EU have reached an agreement finally as Brexit deadline approaches meaning future relations between Great Britain and the European Union look promising.
We expect the currency pair to develop the uptrend this week. The closest goal lies at 1.1285. This growth is supported by both Technical and Fundamental analysis. However, it is late to open long positions currently as the price is in the middle of the range. EUR/USD is able also to correct to 1.1068 before resuming the uptrend.
