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EUR/USD finally broke above 1.1120

 

EUR/USD finally broke above 1.1120 and jumped to 1.1147, hitting a fresh 6-month high. The pair holds near the highs, as the US dollar remains weak against European currencies and also versus the yen. The euro recovered ground against the pound and the Swiss franc during the last hour. 

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Rally goes on 

After making a pull back to 1.1075 during the European session, EUR/USD bounced to the upside, with strength enough to break 1.1120 (previous high). Price remains near the top, close to 1.1150. 

The euro is headed toward the fourth gain in a row. Since Friday it has risen almost 300 pips and is about to post the highest close since October 7. 

Levels to watch

The bullish tone still prevails despite the overbought readings from several technical indicators. While above 1.1120, the euro would remain strong. If it drops below it could lose momentum. Below the next support could lie at 1.1100/05 (20-hour moving average) and 1.1075/80 (daily low). 

To the upside, the next resistance might be located at 1.1150, followed by the 1.1200 handle and then 1.1245/50 (Sep high). 

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