While the anxiety that emerged after the Belarus scandal, which resonated at the European Union Leaders Summit, weakened a little, it is seen that the parity, which was due to weak dollar assets, was in an upward momentum. On the German side, which is the locomotive country of the Euro Zone, the contraction of the 2021 first quarter growth figure above the expectations caused some concern in the markets. However, the German ifo business index, which exceeded the expectations with 99.2 in May, turned this perception into positive. Thus, the dollar effect, which was appreciated slightly towards the weekend in the pair, which was on an upward attack towards 1.2270 level, brought back 1.22 support from this level.
In Euro Zone developments, the European Parliament announced that it has approved the Kovid-19 vaccine certificate arrangement, which is planned to be used in travels within the borders of EU countries. On the other hand, Fabio Panetta, member of the ECB Executive Board, drew attention to the fact that the current conditions do not require to slow down the rate of purchasing bonds and stated that he could not see a sign to leave PEPP. In addition, while ECB officials do not draw attention to the inflation path in general, the cautious stance regarding the Kovid-19 outbreak continues.
On the US side, US President Biden announced that he will offer a $ 6 trillion budget to increase infrastructure investments. Following this development, while the dollar side gained momentum with the rise in bond yields, the country's economy grew by 6.4 percent in the first quarter. On the other hand, the decline with 406 in weekly unemployment pension applications, whose importance has increased with Kovid-19, continues to be maintained. However, we see a 1.3 percent contraction in durable goods orders in April. Suspended home sales, on the other hand, fell by 4.4 percent, in a weak outlook.
Following these developments, the pair, which turned its direction down a little, is still up to date with 1.21 and 1.2056 supports in an attempt below 1.2156. However, as the level continues to move above 1.2156, the rebounds may enter into a gain in speed around the resistance levels 1.2243 and 1.2290.