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EUR/USD climbs above 1.2200 for the first time since February as dollar stays sluggish

May 18, 2021 by admin 0 Comments

EUR/USD moves above 1.2200 for the first time since 25 February

The dollar continues to slump across the board and now we’re seeing the pair start to stretch its muscles on the day. A firm break and close above 1.2200 will bode well for buyers in trying to work their way towards the year’s highs around 1.2345-50.

The next key resistance point will be the 25 February high @ 1.2243 though.

For now, it is just a breakdown in dollar sentiment as the technicals start to stretch as well with GBP/USD above 1.4200 and USD/CAD nearing the 1.2000 level.

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This article was originally published by Forexlive.com. Read the original article here.