EUR/USD is mildly bullish in the near-term, further gains expected above 1.2075

The EUR/USD pair is firmly higher this Thursday, trading in the 1.2050 region, and could advance further once above 1.2075, FXStreet’s Chief Analyst Valeria Bednarik reports.

See: EUR/USD to drop to 1.19 in the next month amid inflation debate – Rabobank

Upbeat European and American data fuels the demand for high-yielding EUR

“Germany Factory Orders soared 27.8% MoM in March, while EU Retail Sales surged 2.7% in the same month, both beating the market’s expectations.” 

“US figures were upbeat. Challenger Job Cuts decreased to 22.913K in April, while Initial Jobless Claims for the week ended April 30 resulted in 498K, better than the 540K expected. Q1 Nonfarm Productivity increased 5.4%, while Unit Labor Cost in the same period declined by 0.3%.”

“The near-term picture offers a mildly bullish stance, as, in the 4-hour chart, technical indicators are entering positive territory. The pair could accelerate its advance once above 1.2075, the weekly high.”