The EUR/USD pair has shown impressive strength recently, extending its upward move from the 1.0665 low to reach a high of 1.0816. This bullish momentum suggests further gains may be on the horizon.
Short-Term Outlook
After a brief consolidation period, we could see the pair continue its rally in the coming days. Here are the key levels to watch:
- Next target: 1.0850 area
- If 1.0850 breaks: Watch for a push towards the 1.0915 resistance
Support Levels to Monitor
While the trend remains bullish, it’s important to keep an eye on potential support levels:
- Initial support: 1.0775
- If 1.0775 breaks: Look for a test of the rising trendline visible on the 4-hour chart
Potential Bearish Scenario
The bullish outlook would only be invalidated if:
- The price breaks below the rising trendline support
- This would signal the end of the upward move from 1.0665
- In this case, we could see a decline back towards the 1.0665 support level
Key Takeaways
- The EUR/USD pair is showing strong bullish momentum
- Watch for a potential push towards 1.0850 and possibly 1.0915
- Keep an eye on the 1.0775 support and the rising trendline
- A break below the trendline could signal a trend reversal
Traders should use proper risk management techniques and consider multiple timeframes when making trading decisions based on this analysis.