EURO STRONGLY BULLISH ABOVE 1.2050 LEVEL
The euro has pushed sharply higher against the U.S dollar during the European trading sessions, as the U.S dollar index slips back below the key 92.00 level. The EURUSD pair is now trading around the 1.2065 level, with the 2017 price-high at 1.2093 within buyers reach. Above 1.2093, the next technical medium-term hurdle for euro bulls is the 1.2240 level, which represents the 50 percent Fibonacci retracement of the 2014 swing price high to the 2017 yearly price-low. Traders now look to the release of the U.S ADP jobs report, with economists expecting 190,000 jobs to be created during the month of December.
The EURUSD pair is strongly bullish while trading above the 1.2050 level, upside targets remain 1.2093 and 1.2150 in the short-term.
Should the EURUSD pair move below the pivotal 1.2050 level, sellers will likely target the 1.2030 and 1.2000 support regions.