EURUSD 1.2220 target

The euro currency is holding above the 1.2100 level against the US dollar as the short-term upside momentum from last week remains in play. The Ichimoku indicator on the daily time frame shows that the EURUSD pair is trapped inside a thick cloud of resistance until the 1.2220 level. Continued gains above the 1.2120 level increase the chances of the EURUSD pair reaching the top of the cloud.

• The EURUSD pair is only bullish while trading above the 1.2120 level, key resistance is found at the 1.2185 and 1.2220 levels.

• EURUSD pair is only bearish while trading below the 1.2120 level, key support is found at the 1.2100 and 1.2060 levels.