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:
- 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.
- 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.