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FXstreet.com (Córdoba) - Risk appetite surrounding the markets continues to support the Euro that climbed to fresh highs versus the Greenback after the Wall Street opening as investors cheered the EU accord and positive US GDP growth.

EUR/USD has gained over 250 pips throughout the day, accelerating to the upside after a report showed the US economy expanded 2.5% in the third quarter, and rising as high as 1.4179, to set a fresh 7-week high before easing a tad. At time of writing, EUR/USD is trading at the 1.4170 zone, where it prints a 1.9% increase on Thursday.

From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com, notes that the 1.4200 psychological area, along with the 76.4% of the last bearish daily run retracement around 1.4210, would likely halt the run today. "Due to the extreme overbought conditions reached in 4 hours chart and smaller ones, once reached the pair may retreat also on profit taking, with immediate support then in the 1.4050/60 price zone".

"If the support holds, the pair may resume the upside and attempt to extend gains, toward 1.4200 again first, and heading towards 1.4255 later. Below 1.4050, a corrective movement may extend near 1.4000, if somehow, risk sentiment changes again", said Bednarik.

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