The market mood was mixed on Tuesday as investors turned cautious ahead of another busy week for global financial markets. Despite US markets currently closed due to the Independence Day holiday, volatility could still be the name of the game thanks to top-tier economic reports and risk events.

EURUSD typically sees 38% larger 1-day move on European inflation release days.

Euro bulls remain in the driving seat ahead of the European Central Bank (ECB) rate decision later today. After breaking above weekly resistance, three possible price targets could be reached if bulls keep building momentum.

This period of market calm could come to an abrupt end next week. A long list of high-risk events is likely to see volatility return with a vengeance and keep investors well-occupied.