1.2345/50 has been strong resistance, on and off, since around 11th October and now we’re having another go at breaking through. Good news for those lapping it up below 1.23 recently. However, the pair makes you work for your pips and there’s plenty of resistance nearby to chew through on the way to 1.2400.
The first hurdle ahead is the July resistance line at 1.2370 with the broken April support line at 1.2375. If we manage to break those then the previous highs along that July line will be further areas of resistance we need to overcome if we want to get a really decent push up. As we well know with this pair though, don’t hold your breath.