EUR/USD has been firmly on the front foot over the last few hours, rallying from under the 1.1750 mark prior to the arrival of US market participants to current levels around the 1.1800 level. The rally seems to have come in tandem with a broad weakening of the US dollar versus the majority of its major counterparts.
Having recovered back to 1.1800 and hit highs above 1.1810, the pair is now trading close to its highest levels since not last Thursday but the Thursday before (25 March). To the upside, resistance comes into play in the 1.1830-1.1850 region in the form of the 8 March low (at 1.1835) and 21-day moving average (at 1.1855). EUR/USD currently trades with on-the-day gains of about 0.4% or just under 50 pips.