Above is the 4-hour chart of EUR/USD. After hours of slow drop, there were two big white candles leading the 17-nation currency to higher level.
Obviously, traders have been keeping an eye on Euro. As soon as the price touched the red up-trend line, two white candles immediately followed. It is currently targeting the previous high at 1.425.
The fibonacci projection was drawn using the previous bullish trend. It seems like traders were using this as well, 'cause Euro was resisted by the 61.8% level. Therefore, should this level break, next target will be at 1.448.
Downside will be narrowing due to the up-trend line. Next one is at around 1.4125.
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