EUR/USD touches a session high of 1.2125

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Buyers are now seeking to establish a more bullish near-term bias on a break above the key hourly moving averages @ 1.2096-07 and they are helped by the beat in German PMI data for February, alongside a bit of a softer dollar on the day.

There isn't much not to like with the German PMI data as it reflected much resilience in the manufacturing sector, better business outlook for the latter stages of the year, and also emerging inflationary pressures – which are likely to tick higher.

As things stand, the break of the key near-term levels now paves the way for buyers to try and retest daily resistance closer to 1.2150 for EUR/USD.

That will be the next key resistance level to watch before the weekend.

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