The EUR/USD pair was trading at 1.0932 at the time of writing. DYX's massive sell-off forced the USD to depreciate versus its rivals. The greenback increased only a little after the FED left its monetary policy unchanged at the June meeting.
The EUR/USD pair extended its growth after the ECB increased the Main Refinancing Rate from 3.75% to 4.00%, matching expectations. Fundamentally, the US data came in mixed. The Euro edged higher as the ECB should continue hiking rates in the next monetary policy meetings.
EUR/USD strongly bullish
Technically, the currency pair tested and retested the lower median line (lml) of the ascending pitchfork, which represents a major support. The bias remains bullish as long as it stays above this line.
Now, it has reached and jumped above the median line (ml) and through 1.0904 historical level. These represented upside obstacles.
EUR/USD outlook
Breaking above the median line (ml) activates an upside continuation and is seen as a new buying opportunity. Testing and retesting this line may announce further growth towards the upper median line (uml).
