After a period of consolidation, the EURUSD currency pair has broken above the 1.0894 resistance level, extending its upside move from 1.0600 to a high of 1.0915. This decisive breakout suggests that the uptrend has resumed, signaling potential for further gains in the coming days.
Bullish Momentum Intact With the bullish momentum firmly in place, the next target for the EURUSD is around the 1.0960 level. If the pair manages to surpass this hurdle, it could pave the way for a rally towards the psychologically significant 1.1000 area.
Support Levels to Watch On the downside, the initial support level for the EURUSD is situated at 1.0900. A breakdown below this level could see the price retrace towards the next support at 1.0880.
If the pair breaches the 1.0880 support, traders should monitor the rising trendline on the 4-hour chart, as this could act as a potential support zone.
In summary, the EURUSD has resumed its uptrend after a period of consolidation, breaking above resistance and extending its rally. Traders should keep a close eye on the 1.0960 and 1.1000 levels for potential upside targets, while also being mindful of the mentioned support zones in case of a potential pullback.