Also, it is now likely the pair will tag the psychological resistance of 1.20 very soon.
Therefore, this is the first significant resistance. If the euro rises above it, the long-term uptrend would be confirmed, potentially leaving space to another leg higher toward 1.25.
From an intraday perspective, the 1.20 level should be enough today as the pair is already nearly one percent higher. However, if further bullish pressure appears, the euro might appreciate toward 1.2020.
On the other hand, the critical support level is now at previous cycle highs of 1.1910/20, and the euro needs to stay above this support to remain in an immediate bullish trend.
Should the pair drop back below this support, it will most likely be a false breakout, which then could be a bearish reversal formation, targeting the 1.18 level.
