EUR/USD has recently experienced a significant development as it broke above the resistance of a falling price channel on the 4-hour chart. This breakout suggests that the previous downtrend from 1.1065 to 1.0765 has likely completed. As a result, it is reasonable to anticipate further upward movement in the coming days, with the next target set at the 1.1065 resistance level.
For immediate support, traders should keep an eye on the level at 1.0850. Only if there is a breakdown below this level, it could potentially trigger another downward move towards the previous low at 1.0765.
Continued monitoring of the price action in EUR/USD, especially in relation to key support and resistance levels, will be essential in assessing the validity and potential continuation of the current upward momentum.
