The Euro has continued to gain in early trading today as its momentum has broken through plenty of resistance the past three trading sessions. The Euro has entered an important range and it appears intent on a testing higher ground.
Euro Climbing Higher in Early Trading
The Euro’s surge against the U.S Dollar has continued this morning.
The Euro is trading above the 1.20 level against the U.S Dollar as it has broken through resistance consistently over the last three trading sessions.
The Euro is within a value range it has not tested since late 2014. Short-term support may be around 1.19, and the next major resistance level is likely about 1.2070
Mid-Term Strength Continues
The European currency’s upward momentum has seen a steady traverse higher in the mid-term.
Traders who have been unconvinced about the strength of the Euro have had to change their attitudes, and have likely been reversing their positions, which may be adding to the upside for the currency against the U.S Dollar.
Euro Testing Important Long-Term Levels
The Euro is now testing important value and if it can climb higher, and break above the 1.21 level it could establish a trading ground which it has not tested in quite a while.
The surge in the Euro continues to show fortitude.
In the short term, we believe Euro may be positive. Mid-term and Long-term we are unbiased.
Yaron Mazor is a senior analyst at SuperTraderTV.
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