The euro has surged higher against the U.S dollar, hitting 1.1800, after the pair performed a major technical break-out on Tuesday. Investors also continue to move into the single currency after much better than expected German GDP growth figures. The EURUSD pair currently trades close to the highs of the week, as the U.S dollar index starts to decline across the board in early Wednesday trading. During the upcoming U.S session, we see the release of key Retail Sales and inflation figures from the U.S economy.
The EURUSD pair remains intraday bullish while trading above the key 1.1710 technical level. Further upside towards the 1.1838 and 1.1876 levels remains increasingly likely.
Should the EURUSD pair start to decline, intraday sellers will likely target the 1.1751 and 1.1710 technical support levels.