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17.12.202018:58 Forex Analysis & Reviews: EURUSD reaches 1.2260 target

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EURUSD today broke above 1.22 and has reached our target of 1.2260. Potential to move higher is there as price is moving according to our plan we posted in our analysis back on December 4th.

Blue lines - bullish channel

EURUSD remains inside the bullish channel making new higher highs and higher lows. Also our last Ichimoku cloud analysis supported the bullish scenario. Support is key at 1.21. Bulls need to defend this price level in the short-term. Otherwise a break below it will be a sign of a short-term top. Next upside target after 1.2260 is at 1.2430. However we might need to see a pull back towards 1.21 first.

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