The single currency saw its demand accelerated further today and is now lifting EUR/USD to fresh tops beyond 1.2400 the figure. Meanwhile, what has an ECB’s hawkish member hinted? Let’s take a look at the 26 March EURUSD Intraday Technical Forecast.
26 March, OctaFX – The euro has broken above the 1.2400 level against the U.S dollar during the European trading session after euro bulls pushed above past the 1.2382 resistance area.
EUR/USD bolstered by ECB-speak
Spot has gathered extra upside traction after ECB’s hawkish member J.Weidmann noted that market expectations for a rate hike by the ECB around mid-2019 are ‘not completely unrealistic’.
The EURUSD pair currently trades around the 1.2410 level, with buyers now moving price-action toward the pivotal 1.2430 level. Moving into the U.S trading session, the key 89.00 level on the U.S dollar is coming into focus as the greenback weakens across the board.
26 March EURUSD Intraday Technical Forecast
The EURUSD pair is strongly bullish above the 1.2430 level, further upside towards the 1.2500 and 1.2555 levels seems possible.
If the EURUSD pair falls back below the 1.2382 support level, price-action will likely correct back toward the 1.2334 and 1.2305 levels.
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