The euro continues to move higher against the greenback, as a return to risk-on trading sentiment is causing the U.S dollar to weaken on Tuesday. The EURUSD pair has again found strong technical resistance around the 1.2360 region, with price-action currently consolidating around the 1.2350 level ahead of the European session open. Further strong gains remain likely for the euro above the 1.2360 level, which represents the neckline of a bullish inverted head and shoulders pattern.
The EURUSD is strongly bullish above the 1.2364 level, further upside towards the 1.2430 and 1.2550 levels remains possible.
Should the EURUSD pair fail to move above the 1.2364 level, price-action may correct back towards the 1.2305 and 1.2259 support regions.
