The European currencies such as the British pound and the euro are about to end this week in the green zone. The euro/dollar pair broke the resistance level at 1.1140 and reached 1.1180. The pair entered the consolidation stage and was trading in this reading during the European Later, the retail sales report will be unveiled in the US. Strong data can make the pair change its direction. The targeted level is 1.1110. Despite traders’ appetite for risk, the euro is holding strong positions. At the same time, the greenback is rather weak as it lost its safe-have appeal. Traders are thinking over positive news about the likelihood of a deal between Washington and Beijing. Yesterday, Donald Trump tweeted that two countries were “getting very close to a big deal”. Moreover, results of the parliamentary elections in the UK added optimism and prompted traders to open riskier positions. The victory of the Conservative party promises an early decision on Brexit. Amid the news, the British pound skyrocketed to a 7-month high of 1.3513. However, later, the pound sterling dropped as traders closed their buy positions to get profit before weekends. It is most likely that a new bottom for the
British currency will be near 1.33. At this level traders can open long positions and expect an upward movement to today’s highs or even further. The Swiss franc also profited from the dollar’s weakness. Yesterday, the US dollar/franc pair showed a rise. Today, the pair came back to the previous area near 0.98820 where a 3-month low and a rather strong support level are located. However, the Swiss franc does not have enough strength to advance to the mentioned levels. That is all for now. We wish you profitable trading. Subscribe to our channel and follow the latest updates on the financial markets. See you soon!