The Euro has lost momentum over the past two weeks, though the fundamentals driving its rally remain in place. Last week the Eurozone news flow didn’t do enough to keep the rally going, and the UK election result weighed on currencies across the Eurozone.
The main event this week is the FOMC rate decision and traders will analyse Janet Yellen’s language concerning the future carefully. If the market interprets her comments as even slightly bullish for the USD we are likely to see a retracement to the 1.08 to 1.10 range. If not, the Euro rally may resume at a modest pace.
(EUR/USD 4-Hour Chart – Resistance at 1.1284)
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