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A COVID-19 vaccine developed by Pfizer and BioNTech is strongly effective, preventing 90% of infections according to a 43,500-strong Phase 3 trial. The encouraging news has sent stocks surging and the safe-haven dollar lower. 

EUR/USD has hit a high of 1.1899, just under the round 1.19 level and the highest since mid-September. Above this peak, the next level to watch is 1.1920, followed by 1.1965 and 1.2010. All were peaks during August. The world’s most popular currency pair is capped by an uptrend support line that has been accompanying it since mid-October. 

Support awaits at the daily low of 1.1860, followed by 1.1845, and then by 1.1795 and 1.1775.