Should the Euro break and hold above near-term resistance at 1.1250, it’s conceivable that it could reach the next level at 1.1500, as shown on the Daily chart below.
And, should the Euro break and hold above 1.1500, it would face long-term Fibonacci resistance around the 1.1680 level, as shown on the Monthly chart below.
Once through that level, the ultimate major resistance sits at 1.2000, where it would face extreme overhead supply.
However, before we get too far ahead on such a bullish scenario, we’ll have to wait and see if it can, first, make it above 1.1250. Should U.S. equities weaken substantially, under conditions as I’ve mentioned here and here, such a Euro rally to that level, and beyond, could materialize.
