The euro currency is holding above the 1.2100 level against the US dollar as the short-term upside momentum from last week remains in play. The Ichimoku indicator on the daily time frame shows that the EURUSD pair is trapped inside a thick cloud of resistance until the 1.2220 level. Continued gains above the 1.2120 level increase the chances of the EURUSD pair reaching the top of the cloud.
The EURUSD pair is only bullish while trading above the 1.2120 level, key resistance is found at the 1.2185 and 1.2220 levels.
EURUSD pair is only bearish while trading below the 1.2120 level, key support is found at the 1.2100 and 1.2060 levels.
