The Euro/$ is currently trading at 1.2283 and remains in a clear bull trend. It is trading 5.75% above its rising 40 week moving average, currently at 1.1588. The 14 week relative strength index is now at 66% and approaching overbought levels, so a minor setback cannot be excluded.
Stiff resistance is noted at 1.2420, therefore attempts to break through this barrier may not succeed initially. If this level does eventually give way, the next upside target would be the 38.2% Fibonacci upside projection level at 1.3150, based on the 1.2420 - 1.0513 range.