The anticipated break of 1.6 finally occured on intra-day basis but a daily close into the 1.6 zone is needed to confirm the full breakout and then aim higher. More rangebound action is likely until the full break higher so keep an eye on the current mid-term support levels which are seen at 1.5900-1.5915 then 1.5780 to 1.5800 as on the daily chart below. Momentum is bullish and only below 1.5600 may signal a reversal which could be as well corrective in nature. While all the news from the U.S are “bad” or “not so bad” instead of “good”, all dips should be bought.
The mentioned support into the 1.5900-1.5915 zone isn’t stable and it’s been broken for several times already but the breaks were short lived so it still provides a barrier on potential pullbacks. A lot stronger support is the lower one seen at 1.5780 now.
Trading ideas: stand aside for now / close the trading strategy from 1.5750 (at 1.5980 now) if taken.
EURUSD daily chart
