The EUR/USD pair has been trading within the consolidation range between 1.2950 and recent high at 1.3240.
Steadiness of 1.2950-1.3000 and continuation to trade above enhances the bullish bias for the pair towards 1.3240 and the possibility to extend to 1.335 levels before returning again to resume bearish movement.
The lower limit of the depicted movement channel with the 100-day SMA (1.3065) provided support for the pair Yesterday allowing for bullish deals. However, at the current levels profits should be secured and SL should be raised to entry level.
In the medium term, price levels 1.3340-1.3400 are suggested to be watched for good SELL entries with targets at 1.2750.
100-day SMA and the lower limit of the depicted bullish channel around 1.3030-1.3050 expressed strong bullish rejection initially targeting at 1.3240.
Breakdown of 1.3060 threatens the current bullish view. Moreover, breakdown of 1.2950 cancels the whole bullish view at the moment.
Fundamentally, borrowing costs fell sharply in Spain during governmental auctions for three and five years, this occured among concerns about the European debt crisis. That's why, bullish profits should be secured.
