Overview

The EURUSD rallied higher yesterday and breached the 1.1067 level settling with a daily close above it. This efficiently supports the continuation of the bullish trend scenario in the upcoming period. The way is open for heading towards our main awaited target at 1.1196. This level represents a crossing of the previously broken 38.2% Fibonacci level and the previously broken bullish channel's support, forming together an important resistance barrier to detect the next trend on the short and med-term bases. A breach of the targeted level will extend the pair's gains to reach 1.356 as the next main station, while the suggested positive scenario will remain valid and active for today unless breaking the 1.1067 level and holding below it. The expected trading range for today is between the 1.1050 support and the 1.1270 resistance.