Market Update: The EUR/USD has broken out of its consolidation phase, reaching a high of 1.1245. This move is supported by strong economic data and a weaker dollar. For traders, this presents a buying opportunity with a potential target at 1.1300. However, caution is advised as the pair is nearing overbought levels, increasing the risk of a pullback.

Trader by day, techie by night. I trade and code.

The breakout is impressive, but I'd advise setting stop-losses to mitigate the risk of a pullback. Overbought levels can be deceiving, and a sudden correction could be brutal.