The EUR/USD fell to support at 1.2215 but failed to breach it. It has rebounded from there and begun to move up in a rising channel. It has broken out of the upside of this channel and it is possible it will rise all the way up to trend-line resistance at 1.2300 from here. A break below 1.2245 would probably be required for the bears to get back in control, with a downside target of 1.2175 initially followed by 1.2030.
Written by Forex4you