EURUSD: Looks To Recover Further Higher

[FXTechstrategy]

EURUSD: With the pair seeing higher price close the past week, more strength is envisaged in the new week. On the upside, resistance comes in at 1.2350 level with a cut through here opening the door for more upside towards the 1.2400 level. Further up, resistance lies at the 1.2450 level where a break will expose the 1.2500 level. Conversely, support lies at the 1.2200 level where a violation will aim at the 1.2150 level. A break of here will aim at the 1.2100 level. Below here will open the door for more weakness towards the 1.2050. All in all, EURUSD faces further bull threats on correction.

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[jimbo2000]

With the expected interest rate increases in the US over the next year I suspect that the trend will be revered soon as capital flows out of the euro and in to USD. I think we will head back towards the 1.15 rate by year end.