Euro vs US Dollar presses the top of its range after hawkish comments from Belgium central bank President Pierre Wunsch

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• Euro vs US Dollar presses the top of its range after hawkish comments from Belgium central bank President Pierre Wunsch
• The pair is in a medium-term uptrend which is favored to extend.
• The US Dollar benefits from strong macroeconomic data which suggests the Federal Reserve will have to continue raising interest rates.

The Euro (EUR) trades in the upper 1.09s versus the US Dollar (USD) as the new week begins. The single currency is underpinned by market expectations of higher interest rates down the line drawing greater capital inflows into Europe. From a technical perspective, the overall trend is up, giving bulls a wind-in-their-sail’s advantage.

EUR/USD continues in a range bound consolidation within a broader medium-term uptrend that started over eight months ago. The odds favor a continuation of the overarching bull trend.

EUR/USD: Daily Chart

A break and daily close above the 1.1075 year-to-date highs of April 14 would confirm a continuation of the Euro’s uptrend to the next key resistance level at around 1.1190, where the 200-week Simple Moving Average (SMA) is situated.

A break and daily close below the important lower high at 1.0830, on the other hand, would bring into doubt the validity of the uptrend and could see losses extend down to a confluence of support at 1.0775-1.0800, and a possible reversal of the dominant trend.

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