EUR/USD to advance nicely towards 1.2300

The EUR/USD pair is trading around 1.2250 after reaching a fresh 2020 high at 1.2258, poised to extend its advance towards 1.2300 as the greenback keeps falling after mixed US data, FXStreet’s Chief Analyst Valeria Bednarik informs.

Key quotes

“Mixed US data keep the EUR/USD pair running, as the US has just published encouraging housing data but tepid employment-related figures. Initial Jobless Claims for the week ended December 11 jumped to 885K, worse than anticipated. The December Philadelphia Fed Manufacturing Survey contracted to 11.1 from 26.3. On a positive note, Housing starts were up in November by 1.2%, while Building Permits increased by 6.2%.”

“Euro/dollar has an immediate resistance level at 1.2260, with a break above it anticipating additional gains ahead, despite the overbought conditions.”