EUR/USD Continues Moving to the Upside

The EUR/USD move to the upside started on Monday and continued for the past two days. The pair not only reached its closest target 1.1300, but it broke out above that level and continued rallying, reaching a new high at 1.1387. The pair remains very bullish for now and the move to the upside will likely continue at least until EUR/USD reaches 1.1550 or even the last high at 1.1615. Whether the overall move to the upside will continue past those levels is unclear, considering the wide and long-term sideways consolidation that is obvious on the monthly time-frame. If the pair bounces off the aforementioned resistance levels it could retrace back to 1.1400 or 1.1300.