EUR/USD has finally broken above and out of the trading range it has been in for the last two months. This is a bullish sign. We could see a pullback as a back test towards 1.1450-1.1480 but I remain bullish on EUR/USD looking for at least a move towards 1.17.
Blue dots - maximum strength support
Green line - trend line support
Blue lines - extension targets
EUR/USD after three attempts at 1.15, buyers have finally broken above it and closed above it as well. We were favoring the bullish scenario despite being in a neutral sideways trend, because of the warning we had seen by the Daily RSI bullish divergence. Our target is now at 1.17 and any move higher will increase the chances of a major low to be in place at 1.1215 and a new up trend to start. A daily close below 1.1435 is something bulls do not want to see.
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