EUR/USD was trading in bullish market on Tuesday. Following a slight period of decline early in the session, the common European currency reversed from the combined support of the 55– and 100-hour SMAs and the weekly circa 1.2235 and surged 90 pips within the following hours. As a result, the pair had reached the 1.2315 mark at the time of this analysis. The aforementioned support area restricted the pair from initiating a new wave down; thus, the descending channel which was formed on January 14 was breached to the upside. It is still likely that the pair edges higher for several hours until the upper boundaries of both the senior and junior channels is reached circa 1.2360. The Euro should subsequently make a correction south towards 1.2250
