EUR/USD surges through 1.1400 handle, hits over 3-week tops ahead of German CPI/US GDP

   “¢   The USD fails to preserve the overnight gains and helps regain positive traction.
   “¢   Technical buying above 1.1400 handle further accelerate the positive momentum.
   “¢   Traders eye prelim German CPI and advance US Q4 GDP print for fresh impetus.

After yesterday’s modest pull-back, the EUR/USD pair caught some aggressive bids on Thursday and surged to over three-week tops in the last hour.

A sharp slide in the US Treasury bond yields failed to assist the US Dollar to build on the overnight rebound from multi-week tops, which eventually turned out to be one of the key factors driving the pair higher since the early European session.

Today’s uptick could further be attributed to some cross-driven strength, stemming out of a goodish bounce in the EUR/GBP cross, with technical buying above the 1.1400 round figure mark providing an additional boost to the pair’s strong intraday rally.

It, however, remains to be seen if the pair is able to build on the momentum or fizzles out at higher levels as the focus now shifts to German prelim inflation figures for the month of February and the advance Q4 GDP growth figures from the US.  

Technical levels to watch