[FXJourney]

The USD has come under significant pressure across the board Monday morning in Europe as the market regained confidence in long currencies trades against the USD following the G20 meeting. Indeed, EURUSD has broken sharply higher through the previous resistance at 1.4920 to re-test and slightly breach the 1.50 level. Hence, traders recommend re-establishing long EURUSD positions on any initial setbacks with a break through the 1.5060 highs expected, opening upside potential towards the 1.54 area, which forecasted as the year-end target. Indeed, the euro has been given a further boost by the German industrial production data which was better than expected (up 2.7% m/m in September against consensus for 1.0% m/m) and there is potential for further positive surprises to come from the eurozone this week with the German ZEW due Tuesday and Eurozone GDP on Friday where some robust readings are expected.