After surviving an attempt earlier in the week to change the trend to down on the daily chart, the EUR/USD rebounded and is now in a position to break out to the upside. Standing in the way of this move is a pair of tops at 1.3397 and 1.3403.
On the downside, the change in trend level is the January 16 main bottom at 1.3256. A trade through this price will not only change the daily trend to down, but it will also confirm last week’s potentially bearish closing price reversal top.
Daily EUR/USD
An uptrending Gann angle at 1.3277 and the pivot price created by the 1.3403 to 1.3256 range at 1.3330 should be considered support levels. Since the market is currently trading over the pivot price, one has to conclude that there is a bias to the upside.
Monthly EUR/USD
The monthly EUR/USD is also indicating a bias to the upside. This month the EUR/USD broke through a long-term Gann angle at 1.3340. Since this angle provided resistance and direction for 20 months, the breakout above it is a significant event.
Based on the long-term range of 1.4940 to 1.2042, the midpoint at 1.3491 should be considered the next upside target.
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