Technical outlook:
EUR/USD has produced a bullish breakout from its triangle consolidation as prices soared above 1.1095 last week. The single currency rallied through the 1.1240-50 range before finding mild resistance. It is consolidating gains at the moment, trading next to 1.1225. If the bulls are able to break above 1.1250, prices could reach 1.1275 easily.
EUR/USD might be progressing towards 1.1500 after terminating the triangle consolidation around 1.0830 earlier. The drop was shallow as most traders projected the 1.0700-50 zone for the triangle termination. On the flip side, it is also possible for the rally to have been completed in the 1.1240-50 zone. In that case, we should witness a bearish turn soon.
EUR/USD is currently working on the recent upswing between 1.0830 and 1.1240-50 levels. A corrective drop might soon unfold, which could drag prices toward 1.0980 before the next leg higher could resume. Also, the Fibonacci 0.618 retracement of the above rally is seen passing through 1.0980, which should be strong support going forward.
Trading idea:
A potential corrective drop to resume soon towards 1.0980
Good luck!
