The euro continues to hold well-above the 1.2400 level against the U.S dollar, as traders keep positioned into the overall long-term uptrend in pair, with strong bullish momentum well intact above the pivotal 1.2385 level. The EURUSD is again benefiting from weakness in the greenback on Wednesday, as the U.S dollar lags-behind ahead of the FOMC interest rate decision and policy statement later today. During the upcoming European trading session, we see a slew of high-impacting data, with the release of eurozone and German CPI Inflation and Unemployment figures.
The EURUSD pair will likely extend upside gains above the 1.2432 level, intraday resistance is currently found at 1.2470 and 1.2538.
Should the EURUSD start to falter around the 1.2432 level, we may see another correction towards the 1.2385 and 1.2355 levels.
