EUR/USD: Above 1.1008 further gains are expected

EUR/USD is trading at fresh weekly, bullish in the short-term. The 1.1008 mark needs to be broken in order to see further gains, according to FXStreet’s Chief Analyst Valeria Bednarik.

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Key quotes

“Germany released the June GFK Consumer Confidence Survey, which came in at -18.9 as expected. The US published the Chicago Fed National Activity Index, which came down to -16.74 in April from -4.97 in March. After Wall Street’s opening, the market will focus on the CB Consumer Confidence foreseen at 87.1 from 86.9 previously.” 

“The 4-hour chart shows that it has broken above its 20 SMA with a large candle, which usually reflects high volume. Technical indicators, in the meantime, maintain their bullish slopes within positive levels.” 

“The EUR/USD pair has topped at 1.1008 last week and would need to clear that high to extend its gains throughout the following sessions.”