The euro has moved to a fresh weekly trading-high against the greenback, hitting 1.2429, following the loss of U.S President Donald Trump’s top-economic advisor. The U.S dollar index came under selling pressure, as Gary Cohn handed in his resignation overnight, prompting traders to sell the greenback. Moving into today’s European trading session, traders look to the release of fourth quarter Gross Domestic Product from the eurozone economy, and the key 1.3430 level on the EURUSD pair.
The EURUSD is likely to see further gains above the 1.2430 level, near-term upside targets remain the 1.2474 and 1.2550 levels.
Should the EURUSD pair fail to gain traction above the 1.2430 level, price-action may correct back towards the 1.2364 level.
