FX.co ★ EURUSD reaches first target as price breaks out of medium-term bearish channel.

Red lines- bearish channel

Green lines- Fibonacci retracement

Blue line- support

EURUSD is trading above 1.02. In previous posts we gave 1.02 as target as price was setting up higher highs and higher lows and by breaking above the double top at 1.01. Now price has broken out of the bearish channel and is also moving towards the 38% Fibonacci retracement which is our next target at 1.0585. In the near term we might see a pull back as the RSI reaches overbought levels, but in general the momentum is bullish as price breaks out of the channel. Minimum target now is expected to be at the 38% retracement. The entire decline from 1.2265 is most probably complete.