EUR / USD has broken above the previous yearly high of 1.2011 and is trading at the highest levels since May 2018, currently around 1.2035. Markets are bullish on the outlook for the coronavirus vaccine, fueling risk appetite.
The US ISM Manufacturing Purchasing Managers Index disappointed estimates with 57.5. Its employment component fell below 50, representing a contraction in hiring.
The EUR/USD it is benefiting from the bullish momentum on the four-hour chart. The Relative Strength Index is approaching 70, which represents overbought conditions. The next levels to look out for are 1.2050 and 1.2090, last seen two years ago. Support awaits at the 1.20 level and then 1.1960.
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