EUR/USD: bulls begin and win

On the daily EUR/USD chart attack of the bulls, as expected, was a success. The buyers managed to break above the upper border of the meduim-term bearish channel and return to the lower border of the long-term bullish channel. The euro approached 161.8% target according to AB=CD. The nearest support is around 1.1269 (50% Fibo of the latest significant bearish wave).

On H1 EUR/USD is trading within bullish channel. The previous resistance at 1.1209 is acting as support. The pair formed a "Spike and ledge" pattern. Break of resistance at 1.1289 will allow the bulls to continue moving up. Successful test of support at 1.1259 will allow the pair to move towards 1.1217, 1.1209 and 1.1184.