The EUR/USD pair has rallied up strongly but fell just short of my target at 1.1215. Now it has rolled over and fallen back down to support from the R1 Monthly Pivot at 1.1122. I think it will probably recover from this support level and begin to consolidate - perhaps in a sideways range-bound consolidation.

If there is a break above the existing 1.1213 highs the pair will probable rise up to the R2 Monthly Pivot at 1.1243, however, there it will meet more tough resistance, and I'd need to see a clearance of 20 points above 1.1243 - so 1.1263 - before expecting more upside after that, although I couldn't guess at a target yet.