Bears being pushed back by the bulls that eye break of 1.1250s

• EUR/USD bulls look to break the 1.1250s resistance. 
• Bears are lurking following a series of higher closes.  

EUR/USD was higher by some 0.18% in late New York trade after it fell from Monday’s minor new trend high at 1.1249 to Friday’s 1.12045 low before moving back to the upside with eyes on a break of channel resistance. The US Dollar is on the back foot again following last week’s tumble — its biggest drop of the year — as the market prepares for US Retail Sales on Tuesday.

EUR/USD daily charts

Meanwhile, the price displaced to the upside and this could lead to a significant correction for the days ahead as the above daily chart illustrates.

EUR/USD H4 chart

The market is coiled and a breakout could be on the cards. However, the following shows, there are prospects of a bullish continuation also:

EUR/USD H1 chart

We had a recent spike to the downside as the hourly chart shows. we have subsequently rallied and a break of the 1.1250s could be imminent.