EURUSD is trading at 1.2236. In previous analysis we mentioned that price action was bullish and after the break out above 1.2150 we had 1.2220 as first target and 1.2350 as second target. We have now reached the 100% Fibonacci extension of the first leg up from 1.1950 to 1.2150.

Blue rectangle -First target

EURUSD has reached the 100% Fibonacci extension and there is more upside potential. Support is key at 1.2020 and bulls must defend this level at all costs. Short-term support is at the 1.2150 level where the break out above the red resistance trend line occurred. Short-term trend is changing to bullish as price is making higher highs and higher lows. Next target is at 1.2350 and the January high.