The currency pair hits new weekly highs
Trading took place comfortable above 1.23
Analysis
After some tough performance last week, the EUR/USD has traded well today, as the US Dollar has taken a hit. A bullish trend today may have instilled and reignited some confidence amongst investors and traders who had a cloud of doubt over their heads when selling seemed a popular choice.
This sudden turn of events is rumoured to be fuelled through positive Brexit views and the news that was given through the ECB. Furthermore, the DOW JONES has reported at a down of roughly 1.13% and the S&P followed at a similar rate.
Forecast
With this short-term positive performance, it seems like the Euro plans to capitalise on the Dollar's sudden downfall, and we can expect to see this continue for the next few days. The long-term future for the Forex pair remains unclear as variations in trends still leaves heads scratching amongst investors.
Support levels may be found at roughly 1.228 and 1.2295 whilst resistance levels can be found at 1.2335 and 1.236.
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Disclaimer: The forecast above is of my opinion and should not be used as a firm indicator to act on the market, but as an insight and thorough analysis of the general movement and trend of the currency pair discussed above.