Current price: 1.1495
Key point: 1.1480
Our preferred strategy: Buy positions above 1.1480 with a first target of 1.1535 and then a second target of 1.1575.
Alternative scenario: Stop loss and trend reversal upon breaking the 1.1470 level, targeting levels of 1.1435.
Technical commentary
The EUR/USD pair managed to break through the 1.1480-1.1495 resistance levels, coinciding with the 200-period moving average on the four-hour timeframe, and also broke through the descending trend line from the peak of last May.
If the price forms a price action and a higher high is formed on the lower timeframes, it is expected to move back to the 1.1535 level and then to the 1.1575 level.
