The EUR/USD pair has formed a fulcrum reversal pattern at the lows and has broken above the neckline. This has generated a target higher at 1.3645, and more upside is favoured. On the 5-pip box chart the down trend-line has still not been broken, however, so the trend on that chart is still down – or possibly sideways now as the consolidation extends. Nevertheless broader trends are still up and this bounce could be a resumption of these more bullish trends. There is still a possibility of a move back down to the 1.3450 lows, and a break below 1.3420 would signal support had been definitively broken and open up a move down to the 1.32s. Given it is the ECB rate meeting today there may be enough volatility to shock the pair out of its range and force some directional movement.
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