The EUR/USD is building a bullish breakout above the double top. An uptrend continuation is imminent as long as price stays above the key support zone (green box) at 1.1325.
4 hour chart
The EUR/USD has been using the long-term moving averages as a cushion for continuous bullish bounces. The uptrend channel has a good angle, which indicates a well balanced trend. The 21 ema is therefore expected to act as support.
The EUR/USD is expected to build a shallow pullback and continue towards the target zone at 1.1450. The next target is aimed at the round level of 1.15. Only a break below the support of the uptrend channel and horizontal support level would invalidate (red x) the bullish scenario.
The analysis has been done with the ecs.SWAT method and ebook.
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