EUR/USD is around 1.1238 on the 1 hour chart. What stands out to me is the strong recovery from 1.1113 with rising trendline support and higher lows. EUR/USD has also moved above the 1.1201 to 1.1221 resistance zone and is also above both moving averages, suggesting the bulls are in control.

I am looking at 1.1277, the high from earlier in the month, as the first serious resistance. The 1.1221 level is the first support and is followed by 1.1201 and the rising trendline. Below the trendline and 1.1201, 1.1153 and 1.1113 come into play.

RSI is near 64 and is above its signal line at 59. This tells me that the EUR/USD is in positive territory and trending up, but not to the extent that it is overbought. I am bullish while EUR/USD stays above 1.1201. Should we see a close back below 1.1201, it would call into question the breakout. A move above 1.1277 would confirm and add to the upside recovery.