The euro has moved sharply higher against the U.S dollar, with price-action moving well above the key 1.2290 resistance area in early Tuesday trading. The EURUSD pair now trades around the 1.2320 region, with broad-based weakness in the U.S dollar index underpinning intraday strength in the single currency. With a lack of Eurozone macroeconomic data, traders will look to the 1.2332 level as the next upside barrier for the euro, and the key 89.00 handle on the U.S dollar index.
The EURUSD pair remains intraday bullish whilst trading above the 1.2290 level, further upside towards 1.2332 and 1.2364 now appears likely.
Should EURUSD price-action slip back below the 1.2290 level, we may see a downside correction back towards the 1.2255 and 1.2205 support levels.
