The key feature on the Euro/USD chart is the the two and a half year basing pattern formed after price fell for nine and a half years from its 2008 high to Jan 2017 low (shown on the monthly chart below). When price falls that far for that long, a significant period of repair is usually required, a process that the basing pattern and subsequent breakout represents.
That base cannot be ignored! The retest of support rejected that level with a weekly morning star (one of the most reliable candle patterns) and price also formed a monthly hammer. After falling from the pennant seen on the weekly chart, it swiftly returned back in to the region the pennant formed, suggestive of selling exhaustion and that the downtrend from the February 2018 high is complete. It can clearly be seen that price has broken above that key downtrend line.
The monthly chart shows clear resistance being formed in the 1.22-1.25 zone, an area which I am expecting price to return to over a multi-month time frame. If price subsequently moves above that level, we can look toward a deeper retracement of the 2008 highs to 2017 lows.
Entry points need to be carefully considered though as price is moving lower at present with next support ~1.15.