EUR/USD ended last week's trading with a positive weekly candlestick. However, it has not confirmed its bullish direction as the pair is still trading below 1.3050 which comes to meet a downtrend line that extends from 1.3700.
This week, the pair has a neutral zone extending from 1.2880 to 1.3050, breakout off this area helps to resolve the case of accidental confusion experienced by the pair up and down since visiting support zone around 1.2800.
Intraday movement remains bullish as long as the pair consolidates above 1.2950 to be targeting 1.3050 initially then 1.3150 while short-term direction remains bullish but with fixation above 1.2880-1.2850.
Breakdown of 1.2880 brings back 1.2800 then 1.2750-1.2700 into consideration again.
Fundamentally, data showed high manufacturing PMI unexpectedly for the Euro zone during the previous month, this supports the bullish view to some extent.
