The overnight Asian session run in a climate of growing risk appetite. Among the majors CHF, JPY and USD currencies are on the lead and AUD, NZD and CAD lead the way. The Australian is additionally strengthened by a better GDP reading. Only the stock market remains quite lethargic in rises, but crude oil rises from wells.

On Wednesday 6th of June, the event calendar is busy in important data releases. Switzerland will issue CPi and Consumer Price Index - EU Harmonised data, the Eurozone will post Retail PMI data, Canada will release Ivey Purchasing Managers Index, Trade Balance and Building Permits data and the US will post Non-Farm Productivity, Trade balance and Crude Oil Inventories data. There are two speeches scheduled from MPC Member Silvana Tenreyro and MPC Member Ian McCafferty.

EUR/USD analysis for 06/06/2018:

It is difficult to link a specific reason with a positive sentiment on the currency market. Some economists argue that investors may be optimistic about the prospects of US trade relations with China, dismissing fears of trade wars aside. Beijing suggested yesterday that it is ready to buy US products for USD 70m, which is currently being discussed with Republican senators. There is also information that the Chinese government is considering purchasing additional goods for USD 25 billion.

The second reason is a better than expected data from Australian economy. Australian GDP for the first quarter increased by 1.0 q/q, more than expected 0.9%. The annual dynamics amounted to 3.1% vs. expected 2.8%. After the data AUD/USD goes up to 0.7670.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The market has been seen hovering around the level of 1.1726 resistance, but this level was broken in the last hour as the price spiked towards the level of 1.1756 resistance. In the current environment of the positive sentiment, the price might move upward towards the level of 1.1829 resistance as the momentum is supporting the bullish bias. The immediate technical support is again the zone of 1.1719 - 1.1726 and then 1.1682.