EURO LOOKING FOR GAINS ABOVE 1.2364 LEVEL
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.