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EUR/USD manages to leave behind the earlier dip to the 1.2130 region and retakes the upper end of the range in the 1.2170/80 band, or new monthly peaks.EUR/USD looks to extend the recent breakout of the key hurdle at 1.2100 the figure amidst the broader rebound from monthly lows in the vicinity of 1.1980 recorded during last week.
The recent upside in the pair gathered extra steam on the back of the increasing selling pressure in the greenback, particularly after the big miss in April's Payrolls published last Friday (+266K vs. 978K exp.).
EUR/USD extended a further bounce off the 1.1985/80 band and faltered in the 1.2180 region which coincides with a Fibo level (of the November-January rally). The revival in the sentiment about the single currency stays constructive on the back of the investors' shift to the improved growth outlook.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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