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Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suggests EUR/USD could now target the 1.2145 level.

Key Quotes

EUR/USD has cleared the 1.2014 August peak, such a move targets initially 1.2145, the 78.6% retracement and longer term 1.2622, the 200 month moving average. We note the 13 count on the 60 minute chart and will attempt to buy the dips Dips should find initial support at 1.1906 and good nearby support at the 1.1800/1.1797November 23 low and the 55 day ma. EUR/USD will remain bid while above the six month support line at 1.1735.”