The EUR/USD jumped to a daily high of 1.2581 in this European morning, hovering in the 1.2560 area ahead of Ben Bernanke speech. The floor of the symmetrical triangle has held the downside yesterday, and price is back pushing the roof, with the hourly chart showing a strong upward momentum. However, seems unlikely the pair may attempt a break before the speech, and will hardly respect technical readings after it: sentiment will lead the way.
Past week high at 1.2588 is the key resistance area to see break, in order to see a stronger advance in the pair. Once above, the daily highs and lows congestion zone around 1.2630 comes as immediate target, followed later by the 1.2680 area. On the other hand, 1.2520 comes as immediate support yet only a clear breach of the 1.2485 area will signal a downward continuation that can reach the 1.2420/40 price zone.View Live Chart for EUR/USD