EUR / USD has risen above 1.21, reaching the highest levels since April 2018. The currency pair broke the previous 2020 high at 1.2011 on Tuesday and, after a brief correction, is pushing higher.
The common currency continues to benefit from optimism around a vaccine for COVID-19. The UK regulator has approved immunization of Pfizer / BioNTech for use, the West’s first green light for inoculation.
Legislators in Washington continue to negotiate a fiscal stimulus agreement to support the US economy. Optimism over a $ 908 billion stimulus package is also fueling sentiment pushing the US dollar lower.
The RSI on the 4-hour chart is fighting the 70 level, flirting with overbought conditions. The Momentum remains higher.
See: EUR / USD Forecast: Three Reasons for a Massive Breakout – Important Levels to Watch
EUR / USD 4-hour chart
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