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EUR/USD has jumped above 1.20, hitting the highest since March amid a risk-on mood and falling US yields. An uptick in EU vaccination rates is also boosting sentiment.

EUR/USD starts the week on a strong note and finally manages to advance further north of the psychological 1.2000 yardstick.The firm buying pressure is expected to meet the next interim hurdle in the 1.2040, where converge of the Fibo retracement (of the November-January rally).Above the latter the focus of attention is forecast to shift to the February peaks around 1.2240.

On the other hand, if EUR/USD break closes below recent low at 1.1950, we will see bearish traders pushing the market towards 1.1900 round figure mark and will lead en route to 1.1700 (2021 low Mar.31) and further below awaits the lower border of the channel.

The material has been provided by InstaForex Company – www.instaforex.com

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