The euro remains strongly bullish against the U.S dollar, with price-action now testing around the 1.2500 level after break above key trendline resistance, at 1.2470. Strong PMI Manufacturing data from the across the globe on Thursday helped to underpin risk-off sentiment in financial markets, encouraging euro buying towards 1.2500. The U.S dollar index is also suffering three-days of straight losses, as investors shrug-off hawkish rhetoric coming from Federal Reserve policymakers this week.
The EURUSD pair will likely extend gains while trading above the 1.2470 level, key intraday resistance is found at the 1.2538 and 1.2600 levels.
Should the EURUSD pair start to trade below the 1.2470 level for a sustained period, a decline towards 1.2432 and 1.2385 remains possible.
