Search ForexCrunch
  • EUR/USD could revisit the Dec. 31 high of 1.1239. 
  • Monday’s gain confirmed a bullish higher low setup on the daily chart.

EUR/USD is looking north with the daily chart reporting a bullish revival. 

The pair jumped 0.34% on Monday and closed at 1.1197, confirming seller exhaustion signaled by the long tail attached to Friday’s candle. 

Put simply, EUR/USD has carved out a bullish higher low at 1.1125 (Friday’s low). It indicates the pullback from the recent high of 1.1239 has ended and the rally from the Nov. 29 low of 1.0981 has likely resumed. 

The pair, therefore, looks set to re-test the high of 1.1239 reached on Dec. 31. 

At press time, EUR/USD is trading largely unchanged on the day at 1.1196, having tested the 5-day average support of 1.1189 a few minutes before press time. 

Daily chart

Trend: Bullish

Technical levels