Dear Traders, EUR/USD Bulls have cleared the minor hurdle at 1.1150 quite easily and taken the price above 1.12. In my last update, I wrote about the possibility of US Dollar entering a new weak cycle. The possibility of EUR/USD breaking this 2 year consolidation phase is very high now and as per my analysis, EUR/USD could trade closer to 1.22 in the next 5-6 months. However, that's a very long-term prospect and I don't let long-term bias cloud my trading decisions. Bulls are still strong and looks prepared to take the price to 1.1480. However, there could be some profit taking and a small pullback for the USD Dollar to the upside.
So, new buyers can go long on EUR/USD if a small correction happens and ride the next leg up till 1.1480.