EURUSD: Bulls in Control as Uptrend Continues

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ForexInflux
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EURUSD has been on an upward trajectory, climbing from 1.0777. The pair recently reached a high of 1.1173, showing strong bullish momentum.

Key Levels to Watch:

  1. Upside Targets:
    • The next significant level is the 1.1200 area.
    • If the pair breaks above 1.1200, we could see it push towards 1.1250.
  2. Support:
    • Keep an eye on 1.1100 as initial support.
    • A break below this level might signal a period of consolidation.

Technical Outlook:

  • The 4-hour chart shows a rising trend line, which is crucial for the current uptrend.
  • As long as the price stays above this trend line, the bullish move is likely to continue.

What Could Change the Outlook?

  • If EURUSD falls below 1.1100, it might indicate that the uptrend is taking a breather.
  • In this scenario, we could see the price retreat towards the rising trend line on the 4-hour chart.

Trader’s Takeaway:

While the trend remains bullish, always be prepared for potential reversals or consolidations. Keep an eye on key levels and practice proper risk management in your trades.