EURUSD Eyes Bullish Breakout

The Euro-Dollar has gained bullish momentum. Despite the short-term bearish trend, the pair has made a 100% pullback on its bearish leg. A further extension may be in the works, however, the pair is currently eyeing a move above the key level of $1.20000.

On the hourly chart, the pair has formed an ascending triangle pattern and has moved above the 25-day moving average. These key signals suggest that the pair may look to further breakout. In spite of that, this pair will only take a bullish turn should it be able to break above 1.20000. Further trading below this key level will have sellers in control.