EURUSD broke above the minor trendline on daily chart, it then came back to re-test it before heading up. Now we are looking at test of major daily Trendline at around 1.4550 area.
If price manages to break above then it has lot more room to move up. However the recent bullishness may not last long and price could turn around from this point.
Yesterday Greece voted in favor of austerity plan, dodging the bullet but all is not good yet. Today they will vote again for a second bill in the parliament containing implementation details of austerity plan. If this bill goes through then it will clear the way for release of 12b Euros from IMF which will go towards debt repayments.
In my opinion, all these efforts are only going to delay the underlying issues. What Greece and Europe in whole need is economic growth. Without which there is no real way of getting out of the troubled times. Keep an eye on the several news items due today and tomorrow which will give us an idea of Euro zone economic health. I doubt we are going to see numbers improving anytime soon.
Look for short around 1.4550. If price manages to break and close above this level then it will open room for further upside movement, remain bearish until then.