Image Source: PixabayEUR/USD has extended its upward movement from 1.0777, reaching a high of 1.1132 and breaking through the key resistance at 1.1100.
What’s Next?
- After a minor consolidation, the pair could continue to rise, with the next target around 1.1200.
- Initial support is at 1.1095.
- If the price breaks below this level, it would suggest a period of consolidation within the uptrend from 1.0777.
- The next support would be at the bottom of the rising price channel on the 4-hour chart.
- Only a break below the channel support would indicate that the current uptrend might be coming to an end.
Conclusion
EUR/USD is maintaining its strong uptrend, with potential for further gains after a brief consolidation. Keep an eye on the 1.1095 support level, as it could provide clues about the pair’s next move. As long as the pair stays within the rising channel, the outlook remains bullish.More By This Author:EUR/USD Analysis: Breaking Resistance And Key Levels Ahead USD/JPY Analysis: Sideways Movement And Key Levels To Watch USD/CAD Analysis: Sharp Decline And Key Levels To Watch
