The euro’s latest rally is approaching a pivotal level that could either stall its momentum or unlock the next leg toward $1.20, a target strategists and traders have circled for months.
The common currency is closing in on $1.17 — a zone that holds the heaviest notional volume in euro-bullish options so far this month, according to Depository Trust & Clearing Corporation data. That makes it a potential inflection point.
A break and hold above that mark could open the door for an accelerated push toward $1.20, a level last seen four years ago. However, expect some profit-taking or flow-rebalancing ...