The recent steady rise in the EUR finally gave way to an acceleration through key resistance at 1.1915/20 yesterday and, whilst the extension didn’t remotely threaten the psychological 1.20 level, it also did little wrong in holding above the former level for the rest of the day.
We added to long-held longs on that break but will be looking to trim those back should we dip back below 1.1860.
Overall though, the consolidation phase is over and we expect the broad pattern of gains to reassert itself.
Clearly, 1.1995/1.2000 is the next obstacle and we would expect decent resistance at that level.