1.2000 of course but what after.
As Adam pointed out in his prior post, the Texas situation could be enough to slow things down in the short term at least. Then there is Draghi and the ECB. At some point he will need to announce some shift in policy. On Friday at Jackson Hole, he also did not take the opportunity to talk down the EURUSD. So higher it goes.
What's next?
The 1.2000 level is an obvious natural resistance area. Going back to the first week of January 2015, that level was busted and we have not seen the price since that break.
What if there is a break of that level?
The 1.2042 level was the swing low going back to the July 22, 2012 week. Above that? 1.2168 is the 50% of the move down from the 2014 high to the January 2017 low.
Close risk now?
The high from the Asian session at 1.19587. The price broke above that level and based near it before moving higher. If we start to dig below that level, there could be more corrective action.
PS just traded to a new high at 1.1977 Getting closer to the 1.2000 level.
