EUR/USD has been trading upward in last 16 hours. The price tested the level of 1.1262 and we expect more upside in the next period.
According to the H4 time-frame, we found that ADX reading is above 30 and rising, which is sign of the strong short-term bullish trend and strong upside momentum. Also, in the background, we found the breakout of the contracted consolidation pattern, which even adds more upside potential. Support levels are seen at the price of 1.1250 and 1.1206. Resistance levels are seen at the price of 1.1320 and 1.1375.
Trading recommendation: We are long on EUR/USD from 1.1260 and with targets at 1.1320 and 1.1375. Protective stop is placed at 1.1200.
The material has been provided by InstaForex Company - www.instaforex.com