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The euro currency rose to a new 22-month high after prices rose to intraday highs of 1.1781.

The rapid appreciation in the euro comes as the dollar turns weaker. EURUSD has been in a steady uptrend and has gained almost 3% in a matter of just seven days.

The parabolic rise in the euro however puts focus on a possible correction. If price can close above the 1.1750 handle, then we expect EURUSD to potentially target the 1.1800 level next.

But given the upcoming FOMC meeting later this week, the euro could be at risk in the event that the dollar rebounds.

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