The EURUSD is breaking out today after churning higher from the 1.2000 support level earlier this month.
The pair had some trouble at 1.2190 last week, but today’s session appears to be on track to close above it.
Keep in mind that we still need a 5 pm EST close above 1.2190 to secure the breakout.
If buyers do it, the 1.2190 region should flip to support.
Alternatively, a daily close back below the 1.2190 region would keep that area intact as resistance.
Understand too that sellers could try to defend the February 25th high at 1.2243.
Above that, we have the EURUSD multi-year high at 1.2350.
There’s also room for the euro to move even higher toward the 1.2450 region per the ascending channel that has developed over the last year.
Whether that will play out or not is yet to be seen.
In summary, a daily close above 1.2190 would be constructive and expose 1.2350, while a close back below 1.2190 would keep the area intact as resistance.