EUR/USD has been trading upwards in the past 12 hours. The price tested the level of 1.1070. I found the breakout of the symmetrical triangle to the upside, which is the indication for the bullish strength.
Yellow rectangle – Resistance and profit target
Purple lines – Broken symmetrical triangle
Pink rising trendline – Expected path
My advice is to watch for buying opportunities on the EUR due to break out of the symmetrical triangle in the background and potential new money buying. There is also breakout of the downward channel in the background, which is another indication of the strength. Resistance levels are seen at the price of 1.1075 and 1.1110 and support levels at 1.1016-1.1000.
