I.Spivak, Currency Strategist at DailyFX, comments, “Prices broke above resistance at 125.67, 76.4% Fibonacci expansion, exposing the 100% level at 127.08. The 125.67 mark has been recast as near term support, with a reversal back below that targeting the 61.8% expansion at 124.83”.
At the moment, the cross is up 1.57% at 126.47
Next resistance levels line up at 127.91 (Apr. 2010 high) followed by 128.38 (high Jan.26 2010).
On the other hand, a breakdown of 126.08 (Upper Bollinger) would expose 124.42 (low Feb.1).