The euro has moved to its highest trading level against the U.S dollar since January 2015, breaking past the former 2017 trading high at 1.2070, reaching 1.2089 during the Asian market session.
Hawkish comments from the ECB President Mario Draghi during yesterday’s ECB press conference, helped push the EURUSD pair above the 1.2000 level. Today, the U.S dollar index is coming under severe selling pressure, with a number of G-10 currencies breaking to multi-year trading highs against the greenback.
The EURUSD pair has pulled back slightly from the new 2017 price high set earlier, at 1.2089, trading around the 1.2060 level.
Traders should expect the EURUSD pair to head even higher over the coming weeks, with price moving towards resistance at 1.2129, 1.2165 and 1.2280.
To the downside, key intraday EURUSD technical support is found at the 1.2057, 1.2030 and 1.2000 levels, with the former weekly price high adding strong support, at 1.1979.