EUR/USD: Bulls set to challenge the 1.2245 daily high

EUR/USD has quickly bounced from sub-1.2200 as bulls maintain the pressure ahead of FOMC Minutes. The pair peaked at 1.2245 and is expected to see further gains on a break above this level, Valeria Bednarik, Chief Analyst at FXStreet, briefs.

See: EUR/USD to tackle the year high of 1.2349 as Europe plots path out of lockdown – MUFG

Market players are waiting for the FOMC Meeting Minutes

“The EU published the final reading of April inflation figures. The Consumer Price Index was up by 1.6% YoY as expected, although the core reading contracted to 0.7% from 0.8% previously.” 

“The US won’t publish relevant macroeconomic data but the US Federal Reserve will release the Minutes of its latest meeting, in which officers repeated their cautious approach to monetary policy.”

“The EUR/USD pair will likely accelerate its advance on a break above the 1.2245 daily high.”