The EUR/USD has staged a pretty big fightback over the last two weeks. It wasn’t all that long ago that we were shorting every pullback as the Euro was tumbling.

However, that has changed for the time being. In fact, we are starting to look decidedly bullish.

For me, 1.1850 is an important level. Because above that point, we are in bullish territory. The range between 1.1850 and 1.1700 I almost feel is a more neutral zone. Short-term opportunities do exist, but that’s really where the bulk of the volume has traded.

If we can hold above 1.1850 and even 1.1878, then I feel that we have room for more upside. However, it’s going to be tough to break out this week, with the lack of volume because of the Thanksgiving break in the US.

Volumes generally slow down from this point on towards the end of the year. However, if we get a push higher, it might be something worth focusing on.

EUR/USD – 240 min Chart.