EURUSD has moved above 1.16 today challenging long-term resistance levels. Trend is clearly bullish and as long as price is above 1.12, we remain longer-term bullish. This does not mean we could not see a pull back towards 1.15.
EURUSD is challenging the long-term resistance trend line from the 2008 highs. The next couple of weeks are very important for the longer-term trend. If bulls manage to recapture 1.16 and stay above while moving towards 1.17-1.18, then we should be more bullish for the longer-term as a move above 1.25 will become more probable. If price is unable to break and hold above 1.16 we should expect a pull back towards 1.12.
