28.11.202315:06 Forex Analysis & Reviews: EUR/USD: imminent breakout

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The EUR/USD pair is trading in the green at 1.0955 at the time of writing and it seems determined to extend its growth. The bias is bullish as the Dollar Index remains bearish. Still, an upside continuation needs to be confirmed as the rate stands below key resistance.

As you already know, the US New Home Sales came in worse than expected yesterday weakening the USD. Today, the German Gfk Consumer Climate came in higher at -27.8 points versus -28.2 points estimated. Later, the US CB Consumer Confidence should really shake the price. The indicator is expected to drop to 101.0 from 102.6.

EUR/USD Bullish Bias!

As you already know from yesterday's analysis, the EUR/USD pair is trapped between 1.0965 and 1.0927 levels.

Its failure to take out the 1.0927 immediate support announced strong buyers and strong bullish pressure. It continues to challenge the 61.8% (1.0959) retracement level. Staying near the resistance levels may announce an imminent breakout and an upside continuation.

EUR/USD Outlook!

Jumping and closing above 1.0965 validates an upside continuation. This scenario brings new long opportunities.

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