EUR/USD looking poised to try and test 2017 highs again

Author: Justin Low | Category: News

The pair found support at 1.2000 following yesterday's Dec FOMC minutes release, and is heading higher as the dollar weakens

EUR/USD has pared losses from yesterday's trading and is looking to move towards a test of the 2017 high at 1.2092 again.

Dollar weakness has been a thorn to sellers over the last week, and today the theme is continuing in a similar vein. EUR/USD hit session highs earlier at 1.2066, and is now trading not far away from there at 1.2061.

The high so far posted in the previous run up was 1.2081. But given the momentum that the pair has found after bouncing back up near the 1.2000 level, you can't rule out a move higher.

If trading today halts nearby the highs, expect a quiet day tomorrow until we get the release of the US NFP data - which could be the catalyst to make (extend higher) or break (double-top) the pair.

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