EURUSD closed above the 1.3500 figure last week. This suggests more upside this week. The reason for the bullish outlook in the short-term is a sharp rally from the 1.3320 low which appears to be a third leg within a third based on the personality of the move.
Recently a third leg has stopped at 1.3565 so we suspect that the current contra-trend movement is wave iv) that could look for completion around the upper trendline of a base channel.
Keep in mind that the larger trend is up and that the uptrend could resume soon into wave v) of (iii) towards 1.3620. This outlook remains valid as long as the 1.3384 level is not breached.
