EURUSD has broken its 2 months range, traders were waiting for this breakout. According to our last week analysis, if the price breaks the range in upside the target will be 1.12 followed by 1.13. The first target of 1.12 has been achieved and 1.13 has yet to achieve. If we look at weekly and monthly bias the price is still on bearish bias and the recent bullish movement can be treated as a retracement of previous bearish movement. In this week the price has a chance to extend the bullish retracement to the target of 1.13. And we will look at how price behaves on this level of 1.13 to decide further movement. But if the price goes back and closes below 1.1050 then the bearish movement can be resumed which is the main bias according to longer time frame.

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