EURUSD bulls are starting to have their way again.
The euro is carving fresh multi-year highs against the US dollar and doesn’t appear to be stopping.
As I mentioned last Saturday, the EURUSD tested the 1.2140 area as new support last week.
That was the must hold level for buyers this week.
So far, so good.
And as for the higher time frames, the euro’s breakout from this twenty-year triangle in July is starting to grow legs.
I’ve liked EURUSD higher since late June when it was breaking out from a bull flag pattern.
That daily formation combined with the monthly breakout above suggested a bullish move.
If you saw last weekend’s forex forecast, you know that the next resistance area is 1.2330.
However, you’re probably also aware that it could be a bit higher or lower than that.
I mentioned that last weekend.
Was today’s intraday rejection a result of the 1.2330 resistance area?
Perhaps, but it’ll be important to see how EURUSD reacts near that level the rest of the week.
My target for the EURUSD remains 1.25, which I first mentioned on October 21st.
Disclosure: I hold a EURUSD long position.
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