The EUR/USD pair initially fell on Thursday, testing the 1.17 level. However, we have turned around significantly, and it looks as if this area could hold. If we can break above the 1.1775 level, the market should continue to go to the upside, reaching towards the 1.1820 level. A break above that level since the market even higher. I believe though, there is continued volatility in the markets, so we can break down below the 1.17 level, we would probably look for the 1.16 level after that.
The market is in a longer-term uptrend as we have broken above the psychologically important 1.15 handle which served as massive resistance for almost 3 years. However, there is quite often quite a bit of noise after such a trend change in breakout. Because of this, I think we will be prone to pullbacks from time to time, but those should represent value that I think most traders will be willing to take advantage of. I think that the longer-term target is still the 1.20 level, and that area should continue to be very important on the longer-term charts, and therefore make a juicy target.