EURUSD Looking higher

The euro currency looks set for further gains ahead against the US dollar after the pair staged a rally above the 1.2100 level after the ECB monetary policy decision. Technical analysis highlights that the EURUSD pair is currently trading inside a bullish falling price channel. Short-term traders should be aware that rally may be forthcoming towards the 1.2280 area over the coming days. 

• The EURUSD pair is only bearish while trading below the 1.2050 level, key support is found at the 1.1950 and 1.1890 levels.

• The EURUSD pair is only bullish while trading above the 1.2050 level, key resistance is found at the 1.2180 and 1.2280 levels.