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Euro extended its gains in the past week against the US dollar after the ECB increased the interest rates. Pair broke through highs from Nov 2010, but even more importantly, it also moved above the falling trend line connected from 2008 highs.

Guest post by Gregor Horvat

As such, the bullish uptrend remains fully in progress within wave III targeting potentially even 1.5 psychological region in coming months; where you will also notice 161.8% Fibo extension, which is typical third wave target.

Meanwhile of course, the lowest support line of a trading channel must hold otherwise bias will likely change, with alternate count in view, which shows that a leg from start of 2011 is   part of larger correction.

EUR USD Elliott Wave April 10 Technical Analysis

-uptrend in progress, support channel line must hold

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