EUR/USD to reach the 1.2011 year-high on a break above 1.1920

The EUR/USD pair trades around 1.1900, poised to extend its advance, as bulls mount on hopes following the release of a big bulk of US data, FXStreet’s Chief Analyst Valeria Bednarik briefs.

Key quotes

“The US has offered a good number of macroeconomic figures. Durable Goods Orders were up 1.3% in October, beating expectations, while the core reading printed at 0.7% against the 0.5% forecast. Q3 economic growth was confirmed at 33.1%, while Initial Jobless Claims for the week ended November 20 came in worse than expected, up to 778K.”

“The 4-hour chart shows that EUR/USD remains above a mildly bullish 20 SMA, which grinds higher above the longer ones. Technical indicators remain within positive levels but lack directional strength.”

“Renewed buying interest above 1.1920 could see the pair extending its advance up to 1.2011, this year´s high.”