An uptrend in the American stock market is gaining momentum, which will have a positive influence on the value of this currency pair, inasmuch as it has been historically correlated with the US stock market. Moderately positive macroeconomic statistics on the labor market in the United States in June encouraged investors to buy securities on the NYSE.

According to the ADP agency, 692 thousand new jobs were created in the private sector, which is favorable for the growth of corporate profits and at the same time not enough to change the monetary policy of the Federal Reserve. It is the Fed’s soft monetary policy that has provided a strong uptrend in the stock market over the past year and a half.

Trading recommendation: Buy 110.90/110.65 and take profit 111.30.