The increasing selling pressure in the greenback helps EUR/USD to advance past the 1.2200 mark and clinch at the same time new weekly highs. EUR/USD trades in multi-day peaks beyond 1.2200 the figure on the back of renewed selling pressure in the US dollar, which is in turn sustained by a move in yields of the US 10-year note to the sub-1.50% level for the first time since early March. German 10-year yields also trade-in multi-week lows around -0.26%.
Last week’s sell-off in EUR/USD met solid support around the 1.2100 neighborhood. The subsequent bounce managed to re-test the key 1.2200 level, leaving the perspective on the positive side at least in the very near-term. Looking at the broader scenario, the constructive perspective in the European currency stays in place and appears propped up by auspicious results from fundamentals in the bloc coupled with higher morale, prospects of a strong rebound in the economic activity in the Old Continent in the months to come and the investors’ appetite for riskier assets. So far, the spot is gaining 0.31% at 1.2210 and faces the next up barrier at 1.2266 (monthly high May 25) followed by 1.2300 (round level) and finally 1.2349 (2021 high Jan.6). On the flip side, a break below 1.2063 (23.6% Fibo retracement of the November-January rally) would target 1.2051 (weekly low May 13) en route to 1.1985 (monthly low May 5). 
Signals World Providing Trading Signals to the World
Signals for Mt4/Mt5 & Online Trading
Free TrialEUR/USD pushes higher and breaks above 1.2200
- Details
- Category: Finance
The increasing selling pressure in the greenback helps EUR/USD to advance past the 1.2200 mark and clinch at the same time new weekly highs. EUR/USD trades in multi-day peaks beyond 1.2200 the figure on the back of renewed selling pressure in the US dollar, which is in turn sustained by a move in yields of the US 10-year note to the sub-1.50% level for the first time since early March. German 10-year yields also trade-in multi-week lows around -0.26%.
Last week’s sell-off in EUR/USD met solid support around the 1.2100 neighborhood. The subsequent bounce managed to re-test the key 1.2200 level, leaving the perspective on the positive side at least in the very near-term. Looking at the broader scenario, the constructive perspective in the European currency stays in place and appears propped up by auspicious results from fundamentals in the bloc coupled with higher morale, prospects of a strong rebound in the economic activity in the Old Continent in the months to come and the investors’ appetite for riskier assets. So far, the spot is gaining 0.31% at 1.2210 and faces the next up barrier at 1.2266 (monthly high May 25) followed by 1.2300 (round level) and finally 1.2349 (2021 high Jan.6). On the flip side, a break below 1.2063 (23.6% Fibo retracement of the November-January rally) would target 1.2051 (weekly low May 13) en route to 1.1985 (monthly low May 5).