The common currency soared close to 1.00% on Friday after Draghi did not touch upon the Euro’s recent strength during the Jackson Hole conference. The ECB is widely tipped to soon begin tapering the crisis-era stimulus programme and asset purchases. However, policymakers remain concerned about the impact of a stronger currency for the bloc's exports. By not talking about the Euro, traders perceived that Draghi had increased the odds of the Central Bank starting to wind down its stimulus.
The Euro rallied to $1.1926 on Friday, its highest since January of 2015. The EURUSD pair extended those gains in early Monday trade to hit a session high of 1.1959, which represents the immediate upside resistance. A break above this level could see fresh Euro bulls enter the market and push the pair beyond 1.2000.