EURUSD PRESSING FOR 1.2600 LEVEL
The euro has climbed to a new 2018 trading high against the U.S dollar, with price-action trading towards the 1.2550 level during the Asian trading session. The EURUSD pair easily broke through the former 2018 trading high, at 1.2537, as we see a continuation of broad-based selling in the U.S dollar index. Going forward, euro buyers are now firmly focused on the 1.2600 area, with the 1.2610 resistance level the most relevant historical resistance point of note to the upside.
The EURUSD pair is strongly bullish on an intraday basis, further upside towards the 1.2610 and 1.2655 levels appears likely.
Should EURUSD price-action trade back below the 1.2500 level, we may see a move back towards and 1.2470 and 1.2430 support levels.