EURUSD has indeed broken above the resistance of the falling trend line on the 4-hour chart.
With this breakout, there is a potential for further upside movement in the pair, with the next target being the 1.1047 resistance level. A decisive breakout above this level would confirm that the previous downside move from 1.1275 has completed at 1.0912, potentially opening up the possibility for a rise towards the 1.1150 area.
On the downside, as long as the 1.1047 resistance level holds, the price action within the trading range between 1.0912 and 1.1047 could be seen as consolidation of the downtrend. A breakdown below the support at 1.0912 could trigger a continuation of the downside move towards the 1.0833 support level.
Traders should monitor the price action and the behavior around the resistance and support levels mentioned for potential breakout or reversal signals.
