FxWirePro: EUR/USD consolidating around 1.2008, bias is bullish
The EUR/USD pair rose higher on Tuesday as dollar slumped after North Korea fired a missile over northern Japan, fueling fresh tension between Washington and Pyongyang. The dollar fell to its lowest in more than 2-1/2 ye…
The EUR/USD pair rose higher on Tuesday as dollar slumped after North Korea fired a missile over northern Japan, fueling fresh tension between Washington and Pyongyang.
The dollar fell to its lowest in more than 2-1/2 years against a basket of major currencies, benchmark 10-year Treasury yields fell and gold hit a more-than-nine-month peak.
North Korea fired a ballistic missile over Japan's northern Hokkaido island into the sea on Tuesday, prompting a warning from U.S. President Donald Trump that "all options are on the table" as the United States considers its response.
The euro extended gains to be up 0.6 percent on the day to $1.2072 against the dollar after breaking above the $1.20 line in early trades.
The ongoing upside is set to continue for this pair as the support level at 1.1950 is likely to act as strong barrier to the bears and push the pair towards higher levels.
To the upside, strong resistance can be seen at 1.2072, a break above this level would expose the pair to next resistance level at 1.2100.
To the downside, immediate support can be seen at 1.1989, a break below at this level will open the door towards next level at 1.1950.
