The pair dropped to 0.9600, the lowest level since 2002, and then bounced back strongly, especially around this key support level.
The bulls did not stop at the next resistance level of 1.0100, but pushed the prices higher along the lower edge of the shown channel. This resulted in reaching new bullish targets at 1.0250, 1.0500, and 1.0600.
In addition, the bulls also dominated the price movement near the significant level of 1.0550-1.0600, leading to more bullish continuation towards 1.0800.
Furthermore, there is a chance of more bullish movement towards the closest resistance zone around 1.1150-1.1200. On the other hand, any bearish pullback to the price levels of 1.0000 should be considered as a good long-term buying opportunity.
