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.
