The EURUSD pair has made a strong move to the upside during the European trading session, reaching 1.2010, following a quick reversal in the U.S dollar index towards the 92.00 support level. Weakness the U.S dollar index was caused by sharp upside moves in the U.S bond market, as speculation mounts that the Bank of Japan may soon normalize Japanese fiscal policy. Moving into the U.S trading session, EURUSD buyers may try to keep price-action above the 1.1989 level, to maintain bullish trading momentum.
The EURUSD pair is likely to remain bullish while trading above the 1.1989 level, buyers will look to the 1.2030 and 1.2050 resistance levels while price-action holds above the 1.1989 zone.
Should price-action move below the 1.1989 level, downside support for EURUSD is currently found at 1.1958 and 1.1920 levels.
