The intraday support now seems to near previous highs of 1.2170/80, and as long as the euro trades above that level, the short and medium-term outlooks look bullish.
However, if the single currency declines back below this support, the short-term trend could change to bearish, targeting the 1.21 level.
The first target for bulls seems to be above 1.23, where the current cycle highs are located. The long-term uptrend could continue after the recent consolidation, which lasted three months.
From the long-term perspective, the pair could continue rallying toward 1.25, or possibly toward the 1.30 psychological level as soaring yields are not helping the USD. That is very bearish for the greenback.
