The EUR/USD unstoppable

The EUR/USD has basically confirmed the breakout above its 200 month EMA, which is marked at the 1.2300 level on the daily chart. Even though the pair has found some resistance at the 1.2500 level, the bullish trend is still in place. The price is currently trying to go back up and another visit to the 1.2500 level may produce a bullish breakout to the 1.2600 level. On the other hand, the pair is overextended to the upside and prone to a correction. For now, the 1.2300 level is its most relevant support level. The angle of inclination on the 55 day EMA (purple line) is showing us that the bullish trend is strong. Below the 1.2300 level any of the round number levels could act as support in case of a pullback.