The euro currency continues is continuing its recent breakout rally against the US dollar, with the pair rapidly approaching the 1.2200 resistance level. More upside in the EURUSD pair is expected this week, as the US dollar index has broken below key monthly support. Higher time frame analysis shows that the 1.2250 and 1.2440 levels are the two major upside targets ahead for the EURUSD pair.
The EURUSD pair is only bullish while trading above the 1.2010 level, key resistance is found at the 1.2110 and 1.2250 levels.
The EURUSD pair is only bearish while trading below the 1.2010 level, key support is found at the 1.1980 and 1.1940 levels.
