EUR/USD climbs to highest levels since January as dollar comes under pressure

Technical Analysis

EUR/USD searches for a breakout, runs up to 1.2250

Invest in yourself. See our forex education hub.

EUR/USD is up to its highest levels since early January, threatening a firm break above the February high of 1.2243.

With USD/CNH breaking to its lowest levels since 2018 and breaking a key technical region, that may yet result in added weakness for the dollar unless Chinese officials decide to smooth the process – though today’s supposed efforts were rather half-hearted it seems.

As for EUR/USD, this sets up a good spot for buyers technically if they can hold a daily break above the February high of 1.2243.

That will pave the way for a potential retest of the January highs above 1.2300 next.

Articles You May Like

Gold falls by Rs 1,284 at Rs 71,522/10 gm, silver at Rs 81,189/kg
Aussie Resilient in Face of Dismal Job Data, Bitcoin Prepares to Conclude Consolidation
Sterling and Euro Rebound on PMIs, But No Turn Around Yet
Oil near weekly low with markets downgrading tensions in Middle East to a non-event
Trade ideas thread – Monday, 22 April, insightful charts, technical analysis, ideas