EUR/USD to extend its recovery above 1.2045

The EUR/USD pair fell to 1.1998 on the back of renewed dollar’s strength, now bouncing from the level but still trading in the red. All in all, the euro’s bullish potential is limited, according to FXStreet’s Chief Analyst Valeria Bednarik. 

EUR/USD maintains the risk skewed to the downside

“The EU macroeconomic calendar had nothing to offer, while the US has just published the March Goods Trade Balance, which posted a deficit of $ 91.6 billion. Later today, the country will release March Factory Orders and the ISM-NY Business Conditions Index for April.”

“The pair has a static resistance level at 1.2045, the 23.6% retracement of its latest bullish run, with better chances of advancing once above it.”