In holiday type trading (US is off for Labor Day national holiday), the EURUSD has nevertheless been able to continue it’s move higher from Friday’s afternoon rebound. The gains have been attributed to an increased demand for “riskier currency pairs”. German Factory Orders also showed stronger output as they rose by 3.5% MoM after a 4.5% gain in June. It also was the 5th increase in a row.
The pair has moved above the trendline resistance at the 1.4333 level. This trendline will be eyed for support today. On the upside, the next hurdle will be the 1.4377 (high from last week) and 1.4386 (trendline off the high from August 5th).