Following today’s push above the 1.3500 level, the consolidation period for the EUR/USD has ended and the pair should move higher.
Today the EUR/USD moved above the December high of 1.3500 and currently has momentum behind the bullish move. Only two major resistance levels stand out on the way to the November 2010 high.
The first resistance level comes in at the November 22nd pivot at 1.3780, followed by 1.3970. The last target higher may be a 100% retracement of the November thru January move at 1.4280.
Support for the EUR/USD will come in at the December high of 1.3500, with further support at this week’s low of 1.3240.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.