The EURUSD pair has continued its upward momentum, extending its move from 1.0833 to reach as high as 1.1263.
The rising trend line on the 4-hour chart has been a crucial level of support for EURUSD, and as long as the price remains above this trend line, the bullish bias is expected to persist. Traders should closely monitor the price action in relation to this trend line as it can serve as a valuable guide for potential entry and exit points.
Looking ahead, the next major target for EURUSD lies at the 1.1500 area. This level could act as a significant resistance, where profit-taking or potential reversals might occur. Traders should be cautious and observant of market dynamics around this key level.
On the downside, key support is seen at 1.1203. A breakdown below this level may lead to a corrective move towards the 1.1000 area. However, a dip to this support level would still be considered within the context of the overall uptrend, unless a more profound reversal pattern emerges.
In conclusion, EURUSD’s uptrend remains intact as it extends its move higher, with a target of 1.1500 in focus. The rising trend line on the 4-hour chart serves as a critical support level, and as long as the price remains above it, the bullish bias remains strong. Key support is at 1.1203, and a break below this level could trigger a corrective move towards 1.1000. Traders should remain vigilant and adapt to changing market conditions to make well-informed trading decisions.
