EURUSD targeting 1.1600

The euro has moved to a new 2020 trading high against the US dollar currency after buyers easily broke through the 1.1500 resistance barrier yesterday. The next major medium-term upside target for the EURUSD pair is located around the 1.1600 resistance zone. Overall, the EURUSD pair has a strong medium-term bullish bias while price trades above the 1.1475 support level. 

• The EURUSD pair is only bullish while trading above the 1.1470 level, key resistance is found at the 1.1550 and 1.1600 levels. 

• The EURUSD pair is only bearish while trading below the 1.1470 level, key support is found at the 1.1420 and 1.1400 levels.