On the daily chart, the EUR/USD pair is expressing a continuation of the Flag pattern after the bullish impulse was initiated at 1.2750 on April 4th.

A breakthrough above 1.3100 took place Yesterday which confirmed the continuation pattern.

The final projection target will be located at 1.3400. However, an important supply zone is located at 1.3190-1.3200 that was established on April 16.

On the 4H chart the EUR/USD pair has been consolidating within the depicted movement channel, the upper limit of which has been broken through obviously Yesterday.

Important support level is located around 1.3080 which constitute a prominent demand zone to be watched for price action.

Retesting of 1.3080 will probably provide a valid BUY entry for those who missed the initial breakout to be targetting 1.3190, 1.3250 and finally 1.3400.

Fundamentally, several European banks are on holiday today, so the pair's movement may be unaffected. However, the series of important U.S. economic data, including the interest rates decision, will be released today, so be cautious.