EUR/USD has broken above the 1.1173 resistance level, extending its upward move from 1.0881 to reach as high as 1.1201.
What’s Next?
- As long as the pair remains within the rising price channel on the 4-hour chart, the uptrend is likely to continue.
- The next targets are around the 1.1300 area, with a potential move toward 1.1450.
- Initial support is at 1.1160.
- A break below this level could push the price back towards the bottom of the channel.
- If the price falls below the channel support, it could target the key support at 1.1097.
- A break below 1.1097 would indicate the completion of the uptrend that began at 1.0881.
Conclusion
EUR/USD is gaining momentum, with potential upside targets at 1.1300 and 1.1450. However, traders should keep an eye on the 1.1160 and 1.1097 support levels, as a break below these could signal a shift in the trend. For now, the uptrend remains strong as long as the price stays within the rising channel.More By This Author:EUR/USD: Consolidation Phase Begins, But Uptrend Remains IntactUSD/JPY: Downtrend Continues, But A Rebound Could Be On The HorizonUSD/CHF: Downtrend Continues With Further Decline Likely
