The EURUSD pair has made a significant move, bouncing from 1.1001 to reach 1.1146. This surge has broken through the resistance of the falling price channel on the 4-hour chart, suggesting that the previous downward movement from 1.1201 has likely concluded at 1.1001.
Currently, the pair seems to be in an uptrend from the 1.1001 level. The recent pullback from 1.1146 is likely a consolidation phase within this broader upward movement. In the coming days, we might see range-bound trading between 1.1070 and 1.1146.
If the 1.1070 support level holds, the upward trajectory from 1.1001 could continue. A breakthrough above the 1.1146 resistance might pave the way for further gains, potentially targeting the 1.1200 resistance level. If this level is surpassed, the next target could be the 1.1240 area.
Traders should note that the initial support is at 1.1105. A breakdown below this level could push the price towards the 1.1070 support level. Keep an eye on these key levels as they could indicate the pair’s next move.