EURO BREAKS ABOVE 1.1300
The EURUSD pair has broken above the key 1.1300 technical level, as European Central Bank President Mario Draghi's hawkish speech provoked widespread euro buying, with the pair now trading at 1.1350.
The technical break above the 1.1300 level has caused a change in EURUSD sentiment, and created an acceleration of euro currency buying. The U.S Presidential election day swing high had proved to be a major sticking point for euro bulls.
The EURUSD is currently bullish on short, medium and longer term time frames.
Whilst clearly trading above the 1.1350 level, the euro upside can easily extend intraday gains towards 1.1380 and 1.1410.
The monthly chart depicts the red trendline, located at 1.1300, which has been capping the EURUSD upside since 2014.
Traders will now look to a series of daily, weekly and monthly closes above the 1.1300 level, for further bullish confirmation of a breakout in the EURUSD.
Below 1.1300, immediate support is found at the recent swing low at 1.1270, and then the daily time frame 50 period moving average at 1.1227.