The forecasted jump of the common European currency against the US Dollar has occurred. Finally, after long expectations, the EUR/USD pair has reached above the 1.15 mark. On Tuesday morning the pair traded above the weekly R1, which is located at the 1.1516 mark. Meanwhile, the pair faced the first monthly resistance at the 1.1542 mark. By looking at the hourly chart, it could be assumed that the surge is set to continue. However, one should look at clues regarding the future on larger timeframe charts. As it has to be noted that the currency exchange rate is approaching long term resistance trend lines, which might stop the surge near the 1.1550 mark. On the other hand the markets might react soon to the changes in the monetary policy both in the EU and the US.
