EUR / USD – New trading range above $1.24?

EUR/USD has finally broken above the medium term resistance level at 1.24 and in doing so has completed the ascending triangle it had been forming for the last month. It should be noted that for three consecutive days in early August, the Euro was able to break through the 1.24 level only to run into a wall of supply and be sold back down.  It has now been able to finally break through and maintain its price above the 1.24 level.  The 1.24 level is now likely to become a support level as it was back in June.  (Daily chart below)

EUR/USD Technical

• During the early hours of the Asian trading session on Monday, the Euro/dollar has moved very little as it presently finds support at 1.25.
• The 1.24 is now likely to offer support having previously been a strong resistance level for several weeks.
• Current range: Maintaining above 1.2400.  Will the Euro trade between 1.24 and 1.27 for the foreseeable future?

Further levels in both directions:

• Below: 1.2400, 1.2300, and 1.2150.
• Above: 1.2600 and 1.2700.

• Should the Euro/dollar be able to maintain its price above the present significant level at 1.2400, then a return back to prices approaching 1.2000 will be less likely.

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