With no economic data on the day, Euro enthusiasts pushed the single currency higher on the session against a backdrop of US economic concerns. As a result, already trading higher at $1.3650 in the New York morning, EURUSD bullish positions had no trouble in taking out what seemed to be a highly option touted $1.3700 level.
Now, with the exchange rate firmly above the psychological figure, market traders are eyeing a possible touch of the $1.3800 in the near term. Notably, with recent developments and the ECB rate decision, participants are continuing to price in the likelihood of a 25 basis point rate hike as soon as September. Coupled with overall dollar weakness in the market, Euro strength looks likely to remain supported for the week.