At the time of this writing, the EURUSD is up almost 400 pips on the day and if I write this long enough, I will have to adjust that figure.  It currently sits at 1.4375 just below the M4 pivot at 1.4445 and has clearly broken out of its earlier slumber with a Bruce Willis Die Hard Vengeance.

Starting with the Daily Ichimoku Cloud picture below, the pair has not only punched through the cloud but also taken out the 78.6% fib of the 1.4866 late sept. swing high to the yearly lows at 1.2330ish.  This suggests a full retracement is now likely once we get past the 1.45 big figure with the line of least resistance clearly to the upside in the short/medium term.

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Taking a closer look at the intraday charts and we can see how the Bollinger Bands gave us the typical squeeze pattern with the pair jumping out of the pocket on a 200+ pip tirade.  The first 30m close outside the 2.5STD BB suggested continuation and that is exactly what has happened in the folloing candle.

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As long as the pair continues to close outside the 2.5STD BB on the 30m time frame, we expect the upside pressure to remain.