EUR/USD stays above the 100-hour moving average
The jolt earlier came from the headlines that the EU has reached a deal on migration policy - and that removes a big chunk of uncertainty heading into the weekend as it means that Merkel's head is at least saved, for now.
It will still depend on what kind of deal is brought to back to the round table in Berlin, but for now markets can at least breathe a sigh of relief.
Though it's not just the euro that is pushing higher, the dollar index is trading at session lows now with the greenback falling against all major currencies too with exception to the yen only.
For EUR/USD, a hold above the 100-hour MA (red line) maintains the near-term bullish bias and the pair will look towards a test of the 50.0 retracement level @ 1.1680 followed by the 1.1700 figure level next. The former resistance level stopped the upside move back on Tuesday.
As for a broader move should the dollar weaken further, this week's high near 1.1720 will be eyed - where the 61.8 retracement level stands.
Those are key levels to eye for any stumbling blocks to the upside move we are seeing so far. Apart from that, take note that there is a large expiry rolling off at 1.1700 as well so that could come into play in limiting any upside potential in the pair later today.