The single currency has broken above the psychological 1.20 level, hitting 1.2070, in a busy European trading session, that saw the euro move to a 27-month trading high against the U.S dollar.
During the upcoming U.S trading session, the euro may soon start to challenge to the 1.2100 level, as selling in the U.S dollar index accelerates, with the greenback now firmly technically and fundamentally bearish.
Going forward, if the EURUSD pair can hold price action above the key 1.2030 support level, buyers should take the pair for a further attempt at the 1.2070 level.
Key technical resistance above the 1.2070 level is located at 1.2100, 1.2120, with historical EURUSD Fibonacci resistance found at the 1.2160 level.
To the downside, the July 2012 price low is now critical EURUSD resistance turned support, at 1.2030. Below 1.2030, the 1.2000 level is strong psychological support, with the 1.1960 level now offering the foremost support below 1.2000.
