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The euro currency hit a two-year high on Wednesday, boosted by a weaker greenback and the EU Covid-19 relief package.

Price action is now into its fifth consecutive weekly gains. The common currency quickly breached past the 1.1550 handle.

Given the current momentum, EURUSD is now looking quite close to hitting the 1.1600 handle.

The sharp pace of gains, however, put the common currency at risk of a pullback.

A breakdown of the minor rising trend line could confirm this. The initial support is at 1.1500. It is yet to be tested.

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