EURUSD PAIR NOW BULLISH ABOVE 1.2290 LEVEL

The euro has moved sharply higher against the U.S dollar, with price-action moving well above the key 1.2290 resistance area in early Tuesday trading. The EURUSD pair now trades around the 1.2320 region, with broad-based weakness in the U.S dollar index underpinning intraday strength in the single currency. With a lack of Eurozone macroeconomic data, traders will look to the 1.2332 level as the next upside barrier for the euro, and the key 89.00 handle on the U.S dollar index.

• The EURUSD pair remains intraday bullish whilst trading above the 1.2290 level, further upside towards 1.2332 and 1.2364 now appears likely.

• Should EURUSD price-action slip back below the 1.2290  level, we may see a downside correction back towards the 1.2255 and 1.2205 support levels.