The EURUSD finally made a breakout from range-bound market, traded consistently above key level 1.4336 yesterday. The pair topped at 1.4443 and closed at 1.4418. On daily chart below we can see that after made a false breakdown below the broadening formation the pair whipsawed to the upside and made a breakout to the upside. For me, technically this fact is a bullish confirmation. Now we should have a bullish bias both in medium and nearest term. Nearest bullish target is seen at 1.4500 and 1.4590 area while medium bullish target is seen at 1.4719, December 18 2008 high. CCI just cross the 100 line down on h1 chart so watch out for a potential downside correction testing 1.4336 support area.
While my technical view has confirm the bullish outlook, on fundamental side, like I said yesterday,Â I still need a positive NPF reading on Friday. So if we have a break below 1.4336 area, we need to wait for NFP number on Friday which could be a key fundamental event to determine the next scenario.