The Euro has been really strong for nearly two months now. It’s been on the charge while we have seen the USD tumble.
There’s a couple of reasons for the move. Firstly it appears that money is flowing back into the Eurozone. With the ECB winding up QE, investors feel that the EUR is turning a corner.
Secondly, the USD has priced in the benefits of tax reform and is seeing a short-term retrace. What all that means is the EUR/USD is bullish. I’ve already spoken about my prediction for a move to the 1.2500 level. But what are some good levels for buyers?
Key Support Levels
The first point I’ll be looking at today is 1.2121. We had a brief top at that point when we broke out earlier in the week. From there 1.2100 is an obvious resistance turned support.
If we pull back much further than that we would want to reassess the trend. For those more aggressive traders I would be looking at a buy should we break the current intraday lows.
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