EUR/USD to advance steadily toward this year’s high at 1.2349

The EUR/USD pair jumped to 1.2266, its highest since January, as the greenback remained in sell mode while the shared currency benefited from encouraging German data. According to FXStreet’s Chief Analyst Valeria Bednarik, a test of the 1.2349 yearly high is likely in the near-term.

Euro is poised to keep climbing

“Germany published a revised version of its Q1 Gross Domestic Product, which resulted at -1.8%, slightly worse than the previous estimate of -1.7%. The May IFO survey on Business Climate improved from 96.6 to 99.2, beating the market’s expectations, with Expectations rising to 102.9.” 

“Market players are eyeing a test of 1.2349, this year’s high.”