The Euro (EUR has extended last week’s moves topside Monday to reach a 4-week high against the New Zealand Dollar (NZD) of 1.7680 (0.5660). Despite President Macron sinking in the French election polls the Euro continues to push higher. French CPI for June came in at 0.1% as predicted, however the Euro will get its cues from incoming French election data over the next couple of days. Meanwhile German CPI in June came in light at 0.1% vs 0.2% forecast with fresh signs the economy is cooling. CPI y/y also cooled at 2.2% in June down off 2.4%. We could see the EUR retest 0.5650 (1.7700) in the coming days.
Current Level: 1.7727
Resistance: 1.7830
Support: 1.7530
Last Weeks Range: 1.7454 – 1.7651