During Monday’s trading session, the EUR/USD currency pair surged by 47 pips or 0.39%. The exchange rate breached the 55– and 100– hour simple moving averages on Monday.
The single European currency is likely to continue to strengthen against the US Dollar during the following trading session. The potential target for bullish traders could be near the 1.2300 level.
However, the weekly resistance level at 1.2243 could provide resistance for the currency exchange rate in the shorter term.
