EUR/USD: Poised to extend its advance, eyes on the 1.2349 year high

EUR/USD surged to 1.2233, its highest since last February, maintaining its bullish strength and pressuring the mentioned high ahead of Wall Street’s opening. According to FXStreet’s Chief Analyst Valeria Bednarik, the pair is set to eye 1.2349 amid broad dollar’s weakness.

See: EUR/USD to hit the 1.25 mark by September – Deutsche Bank

EU Gross Domestic Product confirmed at -0.6% QoQ in the three months to March

“The dollar plummeted as US Federal Reserve officials reaffirmed the commitment to maintain their ultra-loose monetary policy, despite rising inflationary pressures.”.

“Europe published a revision of the first quarter Gross Domestic Product, which matched the previous estimate by printing at -0.6% QoQ. The annual reading was also unchanged at -1.8%.”

“The EUR/USD pair could extend its advance once above 1.2240, the immediate resistance level, heading towards 1.2349, the year high.”