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EURUSD overview 11.05.2021

Euro rises on upbeat sentiment data.

Euro continues to rise today under the effect of the moderately bullish euro sentiment session, after data showed German investor sentiment surged to its highest level in May since the start of the COVID-19 pandemic. The ZEW institute reported its survey of investors’ economic sentiment rose to 84.4 points from 70.7 the prior month. Improvement in investor sentiment is thought to be caused by the improved pace of vaccinations in Germany and the rest of the Eurozone. The pair is also pushed up by the medium-strength U.S. dollar weakness as investors are waiting for U.S. policymaker comments ahead of inflation data on Wednesday. Disappointing employment report last week raised concerns of higher inflation in the coming months – adding to dollar sales and EURUSD gains.

Except buyers on downward corrections.

Next resistance to watch – 1.2185

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