Successive ascending bottoms were established on the daily chart. This means the uptrend line established on September 2013 is still intact.
As expected, the ongoing bullish impulse succeeded to hit price level of 1.3900 corresponding to 100% Fibonacci Expansion.
Through the fundamental point of view, the ECB's President Mario Draghi stated that fundamental data indicates a continuous improvement in the economy.
This contributes to the recent bullish jump that took place today.
In the 4H chart, the pair failed to keep its earlier gains after the release of the U.S. employment numbers which recorded 175,000.
It is worth mentioning that the closure of the pair below 1.3820 level will reduce the probability of pursuing its ongoing strength, but the bears need to close below 1.3730 to end the bullish trend on the short-term prospective.
Bullish momentum needs 4H closure above 1.3888 to remain strong for further bullish targets around 1.3950 initially.
Technically, the price zone of 1.3630-1.3720 which is trapped between 50% and 61.8% Fibonacci levels, remains an important demand zone for the pair.
Stop loss for the bullish scenario is located below 1.3700-1.3720.
The material has been provided by InstaForex Company - www.instaforex.com
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