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The EUR/USD pair is trading around 1.1574 with a bullish bias following a strong move above the psychological level of 1.15, and it is likely to face resistance to further upside.
The euro is likely to reach the 1.1596 resistance zone, which coincides with the upper band of the downtrend channel formed since May 22.
The euro formed a double-bottom pattern around the psychological level of 1.15, which provided an opportunity to continue buying. From that level, EUR/USD reached the 1.1589 area.
Based on this pattern, the euro could break through the strong resistance at 1.1596 and continue rising in the coming days, reaching the 200 EMA at 1.1628. If the upward momentum persists, EUR/USD could rise further to the 8/8 Murray line around 1.1718.
We could see a technical correction toward the 21 SMA at 1.1548 in the coming hours; this zone could be viewed as a clear buy signal with targets at 1.1596 and 1.1628.
Yesterday, we mentioned the formation of a symmetrical triangle pattern. Given yesterday's events, the euro broke above this pattern, so we believe it could continue rising in the coming days; therefore, our outlook is now bullish.
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