Forex: EUR/USD bulls still hungry at 2-month highs

FXstreet.com (San Francisco) - The euro climbed to fresh seven-week highs against the greenback on Tuesday, extending as high as 1.3106 (a price not seen since mid-October) and printing gains for fifth successive day, up 0.8% so far in December. At the time of writing, the EURUSD has extended another leg higher, having just hit the 1.3115 mark this hour in early Asia.

"The short term bias remains bullish," says Valeria Bednarik, Chief Analyst at FXstreet.com. "1.3138 past October monthly high stands in the way of 1.3170 area, immediate target for current upward momentum. US session low converges with the base of the channel around 1.3070 making of the level the key support to follow over the next hours."

Further bullish advances may encounter resistance at 1.3140 (Oct 17 high) and the 100-week EMA (1.3174) which is confluent with resistance set on September 17, while support levels may be found at 1.3070, 1.3030 and 1.3000.