• EUR/USD's continued trading above the broken 1.1271 Fibo a very bullish sign

• 1.1271 Fibo is 61.8% retrace of the 1.2349 to 0.9528 (2021 to 2022) EBS drop

• Scope for bigger gains to 1.1683 Fibo, 76.4% of the same 1.2349-0.9528 fall

• 14-week momentum remains positive, that adds to the bullish bias

• Spot bullish cycle likely to extend above 1.1500 eventually

• However if spot slips back below 1.1271 Fibo, that would hint at a new top

• Previous technical update

Weekly Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)