The EUR/USD has set a fresh monthly high, breaking above the 1.3400 mark and reaching 1.3456, before starting a downward correction, already over. The common currency remains strong, and as the pair finally broke the consolidative range to the upside, bullish trend has been confirmed. 4 hours chart shows technical readings heading north in positive territory, and price consolidating around the highs: as long as above 1.3400, the upside is exposed towards next bullish target, 1.3485 past 2012 yearly high. 

Below 1.3360/70 area, the short term outlook may turn negative, with scope then to retest the 1.3320 price zone. A daily close around this last will restart the consolidative battle, although the upside remains favored, as well as buying on dips.

View Live Chart for EUR/USD


e