Euro is technically bullish and has room to recover beyond 1.0800 EUR EURUSD $EUR $EURUSD
German inflation reached a new multi-decade high in May, according to preliminary estimates.
The EU Consumer Confidence improved to -21.1 in May, as expected. Germany published the preliminary estimate of the May, which surged to 7.9% YoY, higher than anticipated and the highest since the reunification. Across the pond, markets were closed due to the celebration of the US Memorial Day.
According to the daily chart, bulls have more chances, as the pair keeps advancing beyond a bullish 20 SMA, while the longer ones head lower well above the current level. Technical indicators maintain their upward slopes, with the Momentum already in overbought territory.have stabilized near their daily highs well into positive levels. The lack of follow-through can be attributed to closed US markets rather than to buyers losing interest.
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