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More gains expected above 1.1170: EUR/USD analysis

By Nathan Batchelor

EUR/USD analysis points to a potential rally towards the 1.1500 level. Traders should be mindful that a major bullish breakout is in play while price trades above the 1.1090 level.

The euro currency continued to surge against the US Dollar last week, with the pair staging an important technical breakout above the 1.1170 level.

EUR/USD technical analysis shows that continued gains above the 1.1170 level could cause a surge towards the 1.1500 level.

EUR/USD medium-term price trend

The EUR/USD pair continued to build on its recent gains last week, following a confirmed technical breakout above the 1.1090 level.

EUR/USD analysis over the medium-term shows that a major technical breakout from falling wedge pattern has occurred on the daily time frame.

Bulls successfully defended the wedge breakout last week following a short-lived pullback from the 1.1200 level. 

According to the size of the falling wedge pattern the EUR/USD pair could rally towards the 1.1500 level. 

With this in mind, traders should be cautious about selling the EUR/USD pair while the price trades above the 1.1170 level.

Key medium-term resistance is found at the 1.1360 and 1.1450 levels.

EUR/USD short-term price trend

EUR to USD analysis shows that the EUR/USD pair has a strong short-term bullish bias while price trades above the 1.1040 level.

EUR/USD technical analysis shows that a huge bullish reversal pattern has formed on the four-hour time frame.

The rally towards the 1.1350 level has helped to form an inverted head and shoulders pattern with almost 500 points of upside potential.

If EUR/USD pair continues to trade above the 1.1240 level the pattern indicates a forthcoming rally towards the 1.1700 level.

Key short-term support is found at the 1.1170 and 1.1140 levels.

EUR/USD technical summary

EUR/USD technical analysis shows that a major bullish breakout has happened on the daily time frame. The lower time frames show that a huge bullish reversal pattern has formed, following the rally towards the 1.1350 level.

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