The EUR/USD pair rallied in the last hours and it seems determined to approach and reach new highs. The USD lost significant ground versus its rivals as the Dollar Index crashed. The currency pair is located at 1.0642 at the time of writing. You knew from my previous analysis that the price could extend its growth.
Fundamentally, the Eurozone Consumer Confidence came in at -18 points as expected. Tomorrow, the Eurozone, German, and US manufacturing and services data should have a big impact. Only better-than-expected US data could save the USD from the downside.
EUR/USD Bullish Bias!
From the technical point of view, the EUR/USD pair registered an aggressive breakout through the confluence area formed at the intersection between the channel's upside line with the 1.0616 range's resistance.
Now, it is challenging 1.0639 and the weekly R1 of 1.0664. The upside pressure seems high, so more gains are natural.
EUR/USD Forecast!
A bullish closure above the 1.0639 resistance activates further growth. This is seen as a buying signal.
