EUR/USD has been rallying aggressively after retesting the 1.17 psychological level, downside obstacle. I've told you in the previous analysis that the pair could rebound from the downtrend line and from the 1.17 level.
Only a drop and stabilization below these support levels would have confirmed a deeper drop. The outlook is bullish, EUR/USD should reach fresh new highs soon. The price has escaped from the minor down channel signaling more gains.
- EUR/USD Conclusion & Tips
A new higher high, peak high, should signal a broader growth. So, a breakout, jump above the former high of 1.1831 suggests buying. Let's say that you can buy if EUR/USD reaches the 1.1840 level. The 1.19 and 1.2 levels could be used as immediate upside targets. A breakout through these upside obstacles will validate a larger increase.
