EUR/USD: Bulls to take over on a break above 1.2230

The EUR/USD pair trades uneventfully in a quiet start to the week, hovering around the 1.2200 figure. Bulls would gain ground on a break above 1.2230 while a dip below 1.2165 would see the shared currency accelerating its downfall, according to Valeria Bednarik, Chief Analyst at FXStreet.

EUR/USD is technically neutral

“Germany published the preliminary estimate of May inflation figures, which were better than anticipated. The Consumer Price Index was up 2.5% YoY and 0.5% MoM. The EU published M3 Money Supply that contracted to 9.2% YoY in April, missing the market’s expectations.”

“EUR/USD is neutral in the near-term. The pair could gain bullish potential once above 1.2230, while bears could take over on a break below 1.2165. Both scenarios seem unlikely for Monday.”