EUR/USD searches for a breakout, runs up to 1.2250
The tumble in the dollar against the yuan appears to be the key catalyst here as the greenback is now losing round across the major currencies bloc.
EUR/USD is up to its highest levels since early January, threatening a firm break above the February high of 1.2243.
With USD/CNH breaking to its lowest levels since 2018 and breaking a key technical region, that may yet result in added weakness for the dollar unless Chinese officials decide to smooth the process - though today's supposed efforts were rather half-hearted it seems.
As for EUR/USD, this sets up a good spot for buyers technically if they can hold a daily break above the February high of 1.2243.
That will pave the way for a potential retest of the January highs above 1.2300 next.
