The euro currency recovered from last week’s declines, closing on a bullish note.
Price rose to a five-week high before pulling back slightly into Friday’s close.
The EURUSD is now comfortably settled above the 1.1800 level with support also clearing holding up. This puts the bias to the upside ahead of the ECB meeting this week.
To the upside, the key target for the EURUSD is the 1.1900 level. There is a good chance of price action breaking past this level to re-test the 1.2000 resistance area once again.
To the downside, as long as the 1.1800 price area holds, the EURUSD could be looking at further gains.