EUR/USD’s explosive rally through 1.2900 reached 1.2980, just shy of the next important area of resistance which comes in at 1.2990/95, levels last traded last Thursday. A break targets 1.3115 and 1.3165/70. along the way, there is trendline resistance at 1.3075, drawn from the 1.4750 area. Intraday oscillators are beginning to push into overbought territory which may prompt a period of consolidation. 1.2900 should contain dips near-term.
