EURUSD Rises to New Highs

The euro is struggling near highs of 1.1789 intraday, but prices broke out off the previous highs near 1.1791 towards the late US session.

Price action is now trading above the 1.1800 level, retaining its bullish momentum.

While the support level near 1.1750 is the immediate downside target, to the upside, EURUSD is now likely to continue to push toward the 1.2000 level eventually.

In the near term, watch the Stochastics oscillator which is likely to form a bearish divergence. Correction is likely to continue lower if it breaks down below the 1.1750 level of support.

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