The EUR/USD pair had been trending down to 0.9600, the lowest level since 2002, but then rebounded strongly, especially around this vital support level.
The bears were not able to hold the next resistance level at 1.0100, and they lost ground to the bulls who drove 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.
The bulls also controlled the price action around the key level of 1.0550-1.0600, leading to more bullish continuation towards 1.0800.
Moreover, there is a possibility of more bullish movement towards the nearest resistance zone around 1.1150-1.1200.
On the other hand, any bearish pullback to the price levels of 1.0500 should be seen as a good long-term buying opportunity.
