EUR/USD pulls back to 1.13 after breakout, long-term charts signal uptrend

EUR/USD has retreated to the 1.13 level following a recent breakout, with the pair experiencing a mild correction after its upward move. Despite the short-term pullback, long-term charts indicate that the overall trend remains bullish for the euro against the US dollar. Fundamental factors supporting EUR/USD include the ongoing economic recovery in the Eurozone and the European Central Bank's potential tapering of its monetary stimulus. Technical analysis shows that the pair is trading above key moving averages, suggesting that the uptrend is likely to continue. Traders should monitor important support levels, such as the 1.12 handle and the 50-day moving average, for potential buying opportunities. A sustained break above the recent highs near 1.14 could open the door for further gains in the medium term.