EURUSD STRONGLY BULLISH ABOVE 1.2275 LEVEL

The euro has moved to a new 2018 trading-high against the greenback in early Wednesday trading, hitting 1.2336, as the U.S dollar index sinks to new three-year lows. The move higher in the EURUSD pair was sparked by a technical breakout above the 1.2275 level on Tuesday, following record European Economic Confidence data. Price-action on the EURUSD is currently holding above the 1.2300 level, with the strong bullish theme intact while buyers manage to hold the pair above the 1.2275 level.

• The EURUSD pair remains strongly bullish while trading above the 1.2275 level, further upside towards 1.2350 and 1.2400 seems possible.

• Should the EURUSD pair start to trade below the 1.2275 level, sellers may look to test support around the 1.2258 and 1.2230 levels.