Euro bounces on solid EU data; G20 summit in focus
The Euro jumped in early European trading on Friday, boosted by solid data from EU member countries.
German import prices showed better than expected results in May, French inflation beat expectations, while Spanish data showed that economy grew in Q1 at the fastest pace since Q4 2017 and retail sales showed upbeat results in May.
The single currency bounces from key support provided by 200DMA (1.1345) which contained attacks in past three days and limited pullback from new three-month high at 1.1412.
Doji candles on Wed/Thu and long tails on candles in past three days signal that the downside remains well protected and broader bullish bias intact for renewed attack at 1.1400 resistance zone.
Fresh bullish momentum on daily chart and MA’s in bullish setup, support the notion.
Release of EU inflation and UK GDP data could provide fresh signals as markets focus on G20 summit and Trump / Xi meeting which is the key event of this week.
Res: 1.1400; 1.1412; 1.1436; 1.1461
Sup: 1.1374; 1.1360; 1.1345; 1.1319