EUR/USD climbs to highest levels since January as dollar comes under pressure

EUR/USD searches for a breakout, runs up to 1.2250

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EUR/USD is up to its highest levels since early January, threatening a firm break above the February high of 1.2243.

With USD/CNH breaking to its lowest levels since 2018 and breaking a key technical region, that may yet result in added weakness for the dollar unless Chinese officials decide to smooth the process – though today’s supposed efforts were rather half-hearted it seems.

As for EUR/USD, this sets up a good spot for buyers technically if they can hold a daily break above the February high of 1.2243.

That will pave the way for a potential retest of the January highs above 1.2300 next.

Source: https://www.forexlive.com/technical-analysis/!/eurusd-climbs-to-highest-levels-since-january-as-dollar-comes-under-pressure-20210525