Euro buying is predominant in the early stages of London. ECB President Christine Lagarde’s remarks accelerated euro buying, as the German Ifo Business Confidence Index rose unexpectedly to 93.0 in May. The Governor said the ECB is likely to break out of negative interest rates by the end of the third quarter. He clarified the direction of monetary tightening. Eurodollar rose from just around 1.06 to the 1.0682 level. The euro-yen broke out of the rivalry in the low to mid 135 yen range and renewed its highs to the 136.21 level. The euro pound had fallen to 0.8430, but at London time it turned to buying and the high was around 0.8483.
I thought that around 1.0650 was the resistance of the upper price, but in the above news, it is rising significantly. Assuming that buying will continue, I made a buy entry at EURUSD earlier.
