Euro on track towards 1.1200 handle

The euro currency maintains a strong bullish momentum, with price action surging close to one percent on Friday.

The common currency closed at 1.1132 and is now likely to challenge the 16^th March levels near 1.1200.

But given the sharp rebound, there is scope that the euro could slip back to form a floor in the near term.

This could occur near the recently cleared 1.1055 level which served as resistance.

Above 1.1200, the EURUSD will likely hit the dynamic resistance of the long term trend line.