Yesterday during Tokyo trading hours, President Trump announced that Iran and Israel had agreed to a ceasefire. Because of this, people stopped buying the U.S. dollar for safety, and the euro rose above 1.16.
Also, Germany’s June IFO business confidence data was better than expected, which helped the euro go higher.
Later, during New York trading, the U.S. consumer confidence data was much worse than expected, so the euro went up to 1.1641. However, it fell back and closed near 1.16.
On June 11, the euro reached a high of 1.1630. This time it went above that level but then dropped again. If it goes below 1.1450, it could form a “double top” — a chart pattern that sometimes means the price will fall.
But because people think the European Central Bank (ECB) may stop cutting interest rates, and the U.S. Federal Reserve (FRB) may cut rates soon, the euro has a good chance to go even higher.
EUR/USD expected range: 1.1570 – 1.1650
Note: This information does not guarantee profits. Please make your own decisions when trading.