Eurodollar has broken above the 1.2385 highs and will probably now run all the way up to the 1.2440 level, although there may be a short pull-back to the support line at 1.2380 first. It is possible that there is an inverted H&S forming on the 4-hr chart with a neckline at 1.2440. A breach of this could see a move up to 1.2505. As long as the trend-line at 1.2315 holds the outlook remains bullish.
Written by Forex4you