EUR/USD: Poised to extend its advance above 1.20

The EUR/USD pair trades around 1.2030, bullish in the near-term, as dollar's sell-off is likely to continue, Valeria Bednarik, Chief Analyst at FXStreet, reports.

Currencies are posting a late reaction to upbeat data released last week

“The greenback plunged amid an optimistic market’s mood, spurred by upbeat US data published last week. However, it’s more notable across the FX board, sort of a late reaction to Wall Street’s run. So far today, equities are struggling around their opening levels, while US Treasury yields eased, but without fireworks.”

“The risk is skewed to the upside as long as the pair holds above the 1.2000 price zone, with room for an extension towards 1.2130.”