EURUSD Breakout underway
The euro currency has powered to a new yearly high against the US dollar, with the pair finally breaking through the 1.2200 resistance barrier. Traders that are playing the breakout above the 1.2177 level, may now be looking to target a one-hundred pip upside move towards the 1.2280 region. Only sustained failure below the 1.2177 level could prompt the EURUSD pair to fall back towards the 1.2130 area.
The EURUSD pair is only bearish while trading below the 1.2130 level, key support is found at the 1.2090 and 1.2050 levels.
The EURUSD pair is only bullish while trading above the 1.2130 level, key resistance is found at the 1.2240 and 1.2280 levels.