During the previous trading day, euro broke out above the resistance level 1.2005 and is currently consolidating above it. As long as the price remains above it, we expect a possible bullish price movements towards 1.2565 or even higher. The anticipated bullish price movements is the continuation of the impulsive wave (5) to he upperside and should break above 1.2565 towards 1.3645. This view can only be invalidated in case the price gets below 1.2005, this being the case, we expect a possible bullish price movements towards 1.1465. This pair should be traded alongside EURHKD, EURCHF, EURAUD and GBPUSD. These pairs have a strong positive correlation and will move in the same direction today.
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