EUR/USD takes out 2017 high in a strong move that breaks above 1.2100

Author: Justin Low | Category: News

Dollar weakness coupled with more confirmation on the German coalition talks reaching a preliminary agreement sends the euro soaring

The pair is now at 1.2107, after hitting a 3-year high of 1.2114.

Well, it looked like we were primed for a move later on in the US session but European traders are already having their say as pop goes the weasel in the EUR/USD. Now up to highs of 1.2116.

Looking at the daily chart, there's not a whole lot in the way of the pair from heading higher. The 1.2100 psychological level had been key over the last year and now that's taken out swiftly, the next level for the bulls will be at the 50.0 retracement level at 1.2228.