The euro has surged higher against the greenback, with price-action now edging towards the 1.2500 handle, following much better than expected U.S inflation figures for the month of January. The EURUSD now trades well above the key 1.2430 level following a volatile U.S session, with the pair initially falling towards the 1.2300 level before later recovering to trade above the 1.2400 level. Moving into Thursday’s European trading session, the 1.2500 level becomes the key level to watch for further upside gains for the euro.
The EURUSD pair is strongly bullish whilst trading above the 1.2430 level, further upside towards 1.2500 and 1.2537 remains possible.
Should EURUSD price-action slip back below the 1.2430 level, we may see a correction back towards and 1.2400 and 1.2365 support levels.