EURUSD has successfully broken out of a strong descending trendline, which was acting as dynamic resistance for weeks. The breakout is backed by strong bullish candles and clear higher lows forming.
After the breakout, the price also reclaimed a key horizontal support zone around 1.12573, turning it into a solid base for further upside.
🎯 Bullish Target (Expected):
First major bullish target at 1.13864 based on the 1.618 Fibonacci extension from the last swing move.
📌 Support: 1.12573
📌 Breakout Confirmation: Valid as long as price holds above the trendline and support.
📈 Outlook:
The momentum looks strong for further bullish continuation. If the price holds above the breakout zone, we expect a move toward 1.13864 in the coming sessions.
Trade closed: target reached
Target level reached @1.13864 🎯
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.