The euro has broken above the key 1.2430 resistance level against the greenback during the European trading session, as the U.S dollar index comes under strong selling pressure. The EURUSD pair has so far set a new weekly trading-high of 1.2444, with further intraday gains likely as traders use the 1.2430 level as former key resistance turned critical support. Traders now look towards the release of the U.S ADP jobs report, with economists expecting 185,000 new private sector jobs to be created.
The EURUSD pair is strongly bullish while trading above the 1.2430 level, further gains towards the 1.2474 and 1.2550 levels appears likely.
If the EURUSD pair now falls below the 1.2430 level, price-action may correct back towards the 1.2400 and 1.2364 support levels.
