The EURUSD pair has finally made its move, breaking above the key 1.1188 resistance level after a period of consolidation. This breakout signals a resumption of the upward trend that began at 1.1001, suggesting that the bulls are back in control.
With this newfound momentum, traders are now eyeing higher targets. The immediate focus is on the 1.1250 area, which could act as the next significant resistance. If the pair maintains its bullish trajectory and surpasses this level, the path could open up towards the psychologically important 1.1300 zone.
However, it’s crucial to keep an eye on potential support levels as well. The initial support now lies at 1.1165, which was previously a resistance. A break below this level could see the pair retesting the 1.1140 area, but as long as the price remains above these supports, the bullish outlook remains intact.