17:18 EURUSD: Euro Posts a Bullish Breakout
The greenback was trading broadly lower on Wednesday as traders took the latest election results negatively and the US Dollar was sold-off. Thus, the pair pushed higher and was seen to be 0.40per cent stronger during the London session, changing hands at two-week highs, near 1.1480.
The pair managed to jump above the first important resistance at 1.1445 and therefore, posted a bullish breakout from the latest consolidation zone. As long as the single currency trades above 1.1445, the short-term outlook seems bullish.
Bulls may target the 1.15 level now, but it appears that the Dollar index made a double top pattern recently, which could lead to deeper losses for the greenback. Therefore, the next area of interest for bulls might be at 1.1550.
On the other hand, if the 1.1445 support cracks, the next level might be at around 1.1380, where the short-term bullish trend line is converged with another horizontal support.
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