EUR/USD resumes its uptrend and attackes the 1.1420 again

FXStreet (San Francisco) - The Euro is trading higher Thursday as investors welcomed that Greece will receive assistance from the ECB for banks and the announcement of the agreement for a ceasefire in Ukraine. Furthermore, the ECB's Constancio said the stimulus plan and cheaper oil will boost the european economy.

Constancio also commented that the ECB's stimulus plan is "important and will make an impact in the economy, and also the dividend from the decline of oil means that we anticipate that growth in the euro area will be better than it was a few months ago." Constancio affirmed: "I expect that to be reflected in the new (ECB) projections in March."

Earlier in the day, the EUR/USD jumped 100 pips from 1.1325 to reach a fresh daily high of 1.1425 where it was sold. Then the EUR/USD retraced until finding buyers again at 1.1375 and it is now testing highs again.

Currently, EUR/USD is trading at 1.1410, up 1.05% on the day, having posted a daily high at 1.1424 and low at 1.1288. The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish.

EUR/USD levels

Above 1.1420, the EUR/USD will find new resistances at 1.1450 and 1.1500. To the downside, supports are at 1.1375, 1.1350 and 1.1325.