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EUR/USD is trading at 1.2162 and it continues to pressure a strong resistance area. Registering a valid breakout makes the pair very attractive for the buyers. On the other hand, a false breakout or any other reversal pattern suggests selling.
In this article, we'll talk about these two scenarios. EUR/USD stays higher after the German Final GDP increased by 0.3% versus 0.1% expected but it remains to see how the price will react later after Powel's Testifies and after FOMC Member Brainard and Clarida's speeches.
The US Home Sales will be released as well. The indicator could increase from 842K to 853K, but I don't think that it will have a major impact.
EUR/USD retested the upper median line (UML) and now is traded back below the potential H&S neckline. As I've told you yesterday, only a valid breakout above the UML and through the R1 (1.2181) will bring a buying opportunity.
False breakouts or any other reversal patterns here around this resistance area could bring a short opportunity. EUR/USD will turn to the downside and will develop a strong sell-off only if the USDX jumps higher.
Buy EUR/USD if it closes above 1.22 and use the 1.2350 as the first upside target.
Sell a major bearish engulfing or a false breakout with great separation above the UML.
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