EURUSD STRONGLY BULLISH ABOVE 1.2470 LEVEL

The euro remains strongly bullish against the U.S dollar, with price-action now testing around the 1.2500 level after break above key trendline resistance, at 1.2470. Strong PMI Manufacturing data from the across the globe on Thursday helped to underpin risk-off sentiment in financial markets, encouraging euro buying towards 1.2500. The U.S dollar index is also suffering three-days of straight losses, as investors shrug-off hawkish rhetoric coming from Federal Reserve policymakers this week.

• The EURUSD pair will likely extend gains while trading above the 1.2470 level, key intraday resistance is found at the 1.2538 and 1.2600 levels.

• Should the EURUSD pair start to trade below the 1.2470 level for a sustained period, a decline towards 1.2432 and 1.2385 remains possible.