The buying bias surrounding the European currency remains well in place for yet another session and it has lifted EUR/USD to fresh weekly tops in levels past 1.19 the figure on Tuesday. EUR/USD is advancing for the sixth consecutive session on turnaround Tuesday, extending the bounce off last week’s lows in the 1.1700 neighborhood, and always sustained by the underlying constructive stance surrounding the pair.
Other than the persistent sell-off in the buck, the single currency finds extra sustain in the solid appetite for riskier assets on the back of firm hopes over a moderate economic recovery in the region, which are in turn bolstered by news that a coronavirus vaccine could be out sooner than expected
At the moment, the pair is gaining 0.31% at 1.1906 and a breakout of 1.1916 (2020 high Aug.6) would target 1.1996 (high May 14, 2018) en route to 1.2032.
On the flip side, initial contention is seen at 1.1695 (monthly low Aug.3) followed by 1.1495 (monthly high Mar.9) and finally 1.1448