Technical analysis for EUR/USD, the pair breakout of ascending triangle on the daily chart, after almost two months of consolidation. The first target for this bullish breakout is the 0.618 FIB retracement on the daily chart at 1.1500. The second target is the 0.382 FIB retracement on the monthly chart at 1.1630. There is only one obstacle for the EUR/USD bulls, and that is the descending trend line on the weekly and the daily chart.
The support at 1.1370, where we have the daily 50 EMA, is key support for the EUR/USD pair. Break below 1.1370 will jeopardize the bullish outlook.