FXStreet reports that Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, maintains a bullish outlook while the EUR/USD pair trades aboe the 1.18 level.

“EUR/USD continues to probe the 78.6% retracement at 1.1926. This and yesterday’s high at 1.1941 we need to clear, preferably on a closing basis, to trigger another leg up to the 1.2014 August peak.” 

The cross is finding initial support at the 1.1800/1.1786 November 23 low and the 55-day ma. The currently evolving chart pattern is viewed as a bullish consolidation.” 

“EUR/USD will remain bid while above the six month support line at 1.1715.”