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EUR/USD heading to multi year highs

EUR/USD has just reached and surpassed its previous resistance target at 1.3700, establishing a new 5-week high. This advance comes after a whole month of bullish price action as the EUR rose steadily from its 1.3300 support level against the USD in early November, which was the low of the last major downside correction.

The EUR now has a clear upside potential towards the 1.3830 are, which was last reached in late October. Any further breakout above that level would confirm a bullish trend, with a further upside objective at the 1.4000 level. As the pair is currently showing substantially overbought indications, however, another pullback is potentially due. Key downside support on this potential pullback within the current bullish trend tentatively resides around the 1.3600 level.

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EUR/USD Short term Technicals

EUR/USD showed little movement late in the Asian session, trading just above the 1.37 line for most of the session. The pair has edged higher in the European session.

Current range: 1.3710 to 1.3800.

Further levels in both directions: 

Below: 1.3710, 1.3675, 1.3615, 1.3525, 1.3440, 1.34, 1.3320, 1.3240, 1.3175 and 1.31.

Above: 1.3800, 1.3870, 1.3940 and 1.4036.

The pair is testing support at 1.3710. 1.3675 is next.

The round number of 1.3800 is the next line of resistance. 1.3870 follows.

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