The euro currency has opened the new trading week sharply higher against the U.S dollar as risk-on sentiment returns, with European equity markets set to open with triple digit gains. The EURUSD is also being helped by weakness in the U.S dollar index, with price-action now trading around the 1.2290 region, after the pair found strong support at the 1.2205 level on Friday. With a lack of market moving macroeconomic data from the eurozone and the United States on Monday, traders will look to the direction of the U.S dollar index and the broader equity market.
The EURUSD pair will turn intraday bullish only once above the 1.2290 level, further upside towards 1.2332 and 1.2364 then appears likely.
Should EURUSD price-action be contained by the 1.2290 resistance level, we may see a move back towards the 1.2255 and 1.2205 support levels.
