The Euro has pulled back during the trading session on Thursday to reach towards the 1.20 level, an area that has previously been supportive.
The early price action suggests the direction of the EUR/USD into the close on Thursday will be determined by trader reaction to 1.2074.
Sterling held above $1.39 against the dollar on Thursday and gained versus the euro after British finance minister Rishi Sunak unveiled an expansive annual budget designed to prop up the economy. Sterling is the best-performing G10 currency this year, with investors expecting Britain's speedy vaccination programme will help the economy to recover from its worst annual contraction in 300 years. As the locked-down country prepares to re-open, Sunak delivered what he hopes will be a last big spending splurge to get the economy through the COVID-19 crisis.