Successive ascending bottoms were established on the daily chart. This means the uptrend line established on September 2013 is still intact.
The ongoing bullish impulse is probably targeting at 1.3900 corresponding to 100% Fibonacci Expansion as long as the depicted uptrend line remains defended by the bulls.
The pair failed to reach this price level on the previous attempt that took place on December 2013. Moreover, the recent daily candlestick are showing bearish rejection including Yesterday's candlestick which is an inverted hammer.
This may contribute to a bearish corrective movement towards 1.3670 before further bullish movement takes place.
As long as the bulls are defending the established bottom at 1.3630 and the recent one at 1.3720, the EUR/USD pair remains bullish on the intermediate prospective.
The price zone of 1.3630-1.3720 which is trapped between 50% and 61.8% Fibonacci levels, is considered an important Demand zone to be provide a valid BUY entry.
On the other hand, breakdown of 1.3600-1.3630 invalidates the bullish scenario for the short-term prospective.
Stop Loss for the bullish scenario is located below 1.3680. Note that breakdown of 1.3680-1.3630 will open the way directly towards the next DEMAND level at 1.3570.
The material has been provided by InstaForex Company - www.instaforex.com
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