On Thursday morning the common European currency scored new heights against the US Dollar, as the currency pair managed to break a strong resistance cluster. The mentioned resistance cluster consists of the 23.60% Fibonacci retracement level at the 1.1388 mark and the first monthly resistance at 1.1395. As the cluster was broken, it has begun to provide support to the Euro in its efforts against the Greenback. The currency exchange rate is set to reach new heights soon, as the central banker forum has ended, and technical are once more viable to be used for guidance. From a technical perspective the EUR/USD pair faces no resistance up to the 1.1546 level, where the second monthly resistance level is located at. That means that a range of almost 150 base points is clear.
