The EUR/USD pair trades uneventfully in a quiet start to the week, hovering around the 1.2200 figure. Bulls would gain ground on a break above 1.2230 while a dip below 1.2165 would see the shared currency accelerating its downfall, according to Valeria Bednarik, Chief Analyst at FXStreet.
“Germany published the preliminary estimate of May inflation figures, which were better than anticipated. The Consumer Price Index was up 2.5% YoY and 0.5% MoM. The EU published M3 Money Supply that contracted to 9.2% YoY in April, missing the market’s expectations.”
“EUR/USD is neutral in the near-term. The pair could gain bullish potential once above 1.2230, while bears could take over on a break below 1.2165. Both scenarios seem unlikely for Monday.”
