The EUR/USD has been in focus for me all this week. The recent run-up that we’ve seen continued to gain steam and thanks to the ECB we finally took out 1.2500.
I’ve been ranting and raving all week about 1.2500 and how I felt that was the next clear upside target for us. And sure enough, we hit it. But couldn’t hold.
Thanks to some late day talk by US President Trump, the USD recovered and the majors pulled back. But regardless the ECB played out very much like we thought it would.
Earlier Mario Draghi tried to talk down the currency a touch, but traders were having none of it.
What are the Key Levels Now?
Overhead the highs of yesterday should provide plenty of resistance. So watch 1.2500 and 1.2539. Then we have the net target zone of 1.2570-1.2600.
That’s the new focus now for the EUR/USD.
Below us, 1.2300 is the major support now. However, that looks a long way back from where we are now. The round numbers of 1.2400-1.2500 are the focus for today session.