EUR/USD Current Price: 1.2032

  • EU data missed expectations, but the market is all about optimism.
  • Currencies are posting a late reaction to upbeat data released last week.
  • EUR/USD is bullish in the near-term and is poised to extend its advance.

The EUR/USD pair soared after breaking above the 1.2000 level, hitting 1.2047, its highest since March 4. The greenback plunged amid an optimistic market’s mood, spurred by upbeat US data published last week. However, it’s more notable across the FX board, sort of a late reaction to Wall Street’s run. So far today, equities are struggling around their opening levels, while US Treasury yields eased, but without fireworks.

The pair retains its gains heading into the US opening, with speculative interest waiting for Wall Street’s reaction. The macroeconomic calendar has little to offer so far today, as the EU published the February Current Account, which posted a seasonally adjusted surplus of €25.9 billion, missing expectations. Construction Orders in the same month was down by 2.1% MoM, also below forecast. The US will auction 3-month and 6-month bills.

EUR/USD short-term technical outlook

The EUR/USD pair trades around 1.2030, bullish in the near-term. The 4-hour chart shows that the pair soared above a bullish 20 SMA after briefly piercing it at the beginning of the day. The Momentum indicator advances within positive levels, while the RSI has lost its bullish strength, now consolidating around 70. The risk is skewed to the upside as long as the pair holds above the 1.2000 price zone, with room for an extension towards 1.2130.

Support levels: 1.1995 1.1940 1.1900

Resistance levels: 1.2045 1.2090 1.2130

View Live Chart for the EUR/USD

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