EUR/USD resumes the upside around the 1.2200 mark. The dollar loses momentum following Wednesday’s strong uptick. German Producer Prices rose 0.8% MoM, 5.2% YoY in April. The single currency regains the smile and pushes EUR/USD to daily highs in the 1.2200 neighbourhood in the second half of the week. EUR/USD faces the next hurdle at 1.2250 EUR/USD partially reverses Wednesday’s pullback as buyers regain the upper hand following Wednesday’s moderate retracement in the wake of the FOMC Minutes. In fact, the greenback saw its demand accelerated after Wednesday’s FOMC Minutes noted that “some members” lean towards the beginning of the tapering process of the bond purchase programme sooner than anticipated considering the current strong recovery in the US economy. Thursday’s correction lower in the dollar comes in tandem with the mild retracement in yields of the US 10-year note from Wednesday’s tops near 1.70%, while the better tone in yields of the German Bund collaborate further with the upside in the euro. Earlier in the European docket, German Producer Prices rose at a monthly 0.8% in April and 5.2% from a year earlier. Later, Construction Output and Current Account results are due for the broader Euroland. Across the pond, the focus of attention will be on the weekly Initial Claims seconded by the Philly Fed index and the Leading Index tracked by the Conference Board. What to look for around EUR EUR/USD met decent resistance in the 1.2250 region earlier in the week, extending the bounce off last week’s lows in the mid-1.2000s and always on the back of the strong bounce in yields of the German 10-year Bund and the generalized upbeat tone in the risk complex. The sustained rebound in the pair also comes in response to the investors’ shift to the improved growth outlook in the Old Continent now that the vaccine campaign appears to have gained some serious pace and solid results from key fundamentals pari passu with the surging morale in the bloc. Key events in the euro area this week: German/EMU flash May PMIs, advanced Consumer Confidence (Friday). Eminent issues on the back boiler: Asymmetric economic recovery in the region. Sustainability of the pick-up in inflation figures. Progress of the vaccine rollout. Probable political effervescence around the EU Recovery Fund. German elections. EUR/USD levels to watch So far, spot is gaining 0.28% at 1.2203 and faces the next hurdle at 1.2245 (monthly high May 19) followed by 1.2300 (round level) and finally 1.2349 (2021 high Jan.6). On the flip side, a break below 1.2051 (weekly low May 13) would target 1.1985 (monthly low May 5) en route to 1.1960 (200-day SMA). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. FXStreet News share Read Next NZD/USD to surge above 0.73 next week – Westpac FX Street 5 months EUR/USD resumes the upside around the 1.2200 mark. The dollar loses momentum following Wednesday's strong uptick. German Producer Prices rose 0.8% MoM, 5.2% YoY in April. The single currency regains the smile and pushes EUR/USD to daily highs in the 1.2200 neighbourhood in the second half of the week. EUR/USD faces the next hurdle at 1.2250 EUR/USD partially reverses Wednesday's pullback as buyers regain the upper hand following Wednesday's moderate retracement in the wake of the FOMC Minutes. In fact, the greenback saw its demand accelerated after Wednesday's FOMC Minutes noted that "some members" lean towards the beginning of the… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.