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EUR/USD has been rising for the second day in a row. It may consolidate near the 1.2100 level.
Indeed, the increasing selling pressure around the greenback continues. In fact, weal results from April's Retail Sales added to the ongoing negative mood. The Ud dollar is also weakened by also decreasing US Treasury yields.
According to the results of the latest ECB meeting, the Governing Council did not discuss any tapering of the bond purchase program. A positive assessment, however, came after members acknowledged that risks to the activity are now slightly tilted to the upside. The latter could bring the tapering discussion forward, with the September event a likely candidate. The ECB mentioned an asymmetric recovery in the region, with countries more services-dependent expected to recover at a slower pace.
The support level is seen at 1.2075, which was a swing high in early May. It is followed by 1.2055, the weekly trough, and then by 1.2015 and the psychologically significant 1.20 level. The resistance level is seen at the recent high of 1.2110, followed by 1.2150, April's peak, and then by the current month's top line of 1.2180.
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