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EUR/USD: trending up; at previous highs

EUR/USD: trending up; at previous highs

The EUR/USD pair is consolidating after the latest move higher. This is probably a continuation pattern which will eventually break to the upside. There is resistance from major highs at 1.3710, which if broken would be a major bullish sign. There is also the R1 monthly pivot at 1.3692, which is also resisting further gains. To be on the safe side wait for a clear break above the 1.3710 highs before expecting more bullish moves. The next target higher would be 1.3860. As far as a correction goes there is a potential small H&S pattern on the 30min chart with a neckline at 1.3655, and a break below that could signal a correction back down to 1.3615, although eventually the dominant short-term up-trend would be expected to resume.

EURUSD21

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