By CountingPips.com
The euro continued to climb higher in forex trading against the U.S. dollar today as the EUR/USD currency pair touched its highest level since May 28th. The European common currency has now increased for eight out of the last ten days 
(vs. the dollar) as its rebounds from a four-year lowpoint reached on June 6th at the 1.1876 exchange rate. Today, the EUR/USD pair opened the day near the 1.2300 mark and dipped in early trading to 1.2242 before being supported around 1.2550 and turning higher. The high for the day was at 1.2411 and marked the euro’s highest level since May 28th when the pair reached an intraday high of 1.2453.
Staying above the 1.2330 level (2008 low point) will be crucial to see further upside potential in the EUR/USD with the 1.2600 level looming as potential resistance. The 1.2600 area has acted as previous support/resistance area and the 38.2 fibo retracement from 1.3817 to 1.1876 is right around the 1.2615 level. Below 1.2330, the 1.2150 level (recent support) and 21-day simple moving average (1.2225, green line) levels are of potential support while a break below the 1.2150 level will provide downside pressure for a retest of the 1.1876 level.
