EUR/USD Breaks Above 1.1700 to Hit Multi-Year Peak
EUR/USD surged to 1.1720, marking a 0.8% gain (95 pips) and reaching its highest level since autumn 2019. The euro's strength reflects growing optimism about the Eurozone economic recovery and expectations of continued ECB policy support, while the dollar faces pressure from dovish Fed signals. The breakthrough above the psychologically important 1.1700 level triggered additional buying momentum, with technical indicators suggesting further upside potential. The pair has now gained over 450 pips from its yearly low, supported by improving European vaccination rates and stronger-than-expected PMI data across major economies. Immediate resistance lies at 1.1750 (2019 high), while 1.1700 should now act as initial support. Traders are positioning for a potential test of 1.1800 if current momentum persists, particularly ahead of next week's ECB policy meeting.
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