The EUR/USD pair has been trading within the consolidation range between 1.2950 and recent high at 1.3240.
The consolidation of 1.2950 and continuation to trading above enhances the bullish bias for the pair towards 1.3240 and the possibility to extend to 1.3340-1.3400 levels before returning again to resume bearish movement.
The lower limit of the depicted movement channel with the 100-day SMA (1.3065) was providing support for the pair yesterday. However, no obvious bullish rejection was expressed so we have a possibility of breakdown to take place today.
Backside of the broken bearish channel, 100-day SMA and the lower limit of the depicted bullish channel around 1.3030-1.3050 expressed strong bullish rejection to be targeting at 1.3240.
In the short term, the view is slightly bearish with the possibility to take advantage a possible bearish breakout to be targeting 1.3000.
In the medium term, Price Levels 1.3340-1.3400 are suggested to be watched for good SELL entries with targets at 1.2750.
Breakdown of 1.3060 threatens the current bullish view. Moreover, breakdown of 1.2950 cancels the whole bullish view at the moment.
There are no critical data releases to be anticipated from the EURO zone today.
