EUR/USD climbs above the key 1.0700 psychological level early on Wednesday.
Weaker-than-expected US PMI data on Tuesday undermined the US Dollar and fueled the recovery.
EUR/USD’s Bear Flag pattern deforms, bringing into doubt its validity.
EUR/USD trades just shy of 1.0700 on Wednesday after weaker-than-expected private sector growth and US business activity dent the myth of US economic exceptionalism, weighing on the US Dollar (USD).
EUR/USD gains a further small bump after the release of positive German economic sentiment IFO survey data for April shows a greater-than-expected rise in the Business Climate (89.4) and Current Assessment (88.9) components, whilst Expectations increases to 89.9 in line with estimates.
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