The euro currency finally broke past the resistance area of 1.2177 – 1.2144. The breakout pushed the common currency to a three-month high on an intraday basis.
The gains come as the US dollar failed to maintain its reversal on Wednesday.
If the current momentum continues then we might get to see the Euro once again attempting to test the 6 January highs of 1.2349.
However, ahead of these gains, a pullback to establish support near 1.2177 would be ideal.
For the moment, the EURUSD is still not out of the woods unless we see a higher low forming above the resistance area.