EUR/USD pushes higher towards 1.20 – OCBC

The EUR/USD hovers around year-to-date high levels just south of the 1.2000 mark. The German government is set to upgrade growth forecasts later in the day, adding positivity to the shared currency. Terence Wu, FX strategist at OCBC Bank, eyes the important 1.20 resistance.

Key quotes

“Germany is expected to revise higher its economic projections later today and the ECB’s Schnabel pushed back on further easing expectations. These developments added to further positivity to the EUR.” 

“1.2000 will be the more substantial resistance. Meanwhile, 1.1940 will be the first support if the pair turns.”