Immediate bullish pressure was expressed on testing the depicted uptrend line around 1.3100 resulting in a bullish engulfing daily candlestick that closed above 1.3170.
This was followed by a full-body bullish daily candlestick representing accelerated momentum that pushed towards 1.3275 and heading towards 1.3315-1.3330 in the current time.
Price Zone 1.3330-1.3350 is a prominent SUPPLY zone for the EUR/USD pair to be watched carefully for price action.
Bullish rejection off 1.3100 is obvious on the 4H chart. A narrow consolidation range was established between 1.3240-1.3280 and bullish breakout is taking place right now with projection target located at 1.3330.
The importance of price zone 1.3330-1.3350 is apparent on the 4H chart being a previous consolidation zone that pushed the pair 200 pips to the downside recently. The pair may find immediate Selling pressure at this zone. However, some sideway movement is not excluded due to indecision in the fundamental view of USD.
