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EUR/USD pair was trading within a down channel, between the downtrend line and the downside line, for more than a year on the Daily chart, but the price has escaped from this pattern (descending channel), the breakout above the downtrend line has signaled that the price could increase further in the upcoming period.
The pair has moved away from the downside line of the descending channel, signaling a potential oversold market and a potential reversal. EUR/USD has passed above the downtrend line after it has stabilized above the 1.1200 psychological level, now has managed to jump above the former high as well.
EUR/USD is expected to increase further as long as it is trading above the 1.1380 level, the next upside target is seen around the 1.1539 level, a breakout above this level will confirm a further growth towards the 1.1800 psychological level.
The breakout from the minor sideways movement between the 1.1200 and the 1.1380 has given us a great chance to open a buying opportunity as EUR/USD is expected to register an approx 180 pips growth in the short term.
A minor decrease towards the 1.1400 - 1.1380 area could give us another chance to go long on EUR/USD. Personally, I believe that only a drop below the 1.1200 level will invalidate a further upside movement in the upcoming period, this scenario is less likely to happen.
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