Bulls managed to break the psychological level of 1.15, where March cycle highs were located. That is a significant milestone for the EURUSD pair, and as long as it trades above this level, the medium and short-term outlooks seem bullish.
Another strong support could be seen at around 1.1460, and if the euro drops below this support, we could see further decline toward 1.14.
On the other hand, if the bullish scenario remains intact, the pair will most likely rise above 1.16, with the next medium-term target near 1.18.
Traders are betting on the fast recovery from the coronavirus pandemic, which is making the greenback less attractive as it tends to weaken during risk-on times.
Moreover, the Fed is still increasing its balance sheet at an unprecedented pace, which should be dollar negative. The long-term target for bulls remains at 1.20.