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Consumer confidence improves in the EU and the EZ

22 Jun 2021 05:04 PM

Figures released on Tuesday showed consumer confidence in the Euro area rose 1.8 points in June from May. The European Commission said a preliminary estimate showed that consumer sentiment in the euro zone improved to -3.3 this month from -5.1 in May. While in the EU also, consumer confidence rose 1.5 points to -4.5. The report indicated that both numbers were "significantly higher" than pre-pandamic levels.

the single currency reacted positively with the news as the EURUSD rose to the 1.1900 levels again. Technically we can notice the possibility of an inverted head and shoulders pattern on the 4 hour time frame chart. this pattern could be completed if the pair was able to breach the 1.1920 levels. a followup beyond that, prices may reach its next target at 1.1985-1.20. failure to do so, might make the pair vulnerable towards the support level of 1.1850. a breakthrough might also push the prices towards the 1.17.

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