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EUR/USD is still undecided after another rejection from a major upside obstacle. The pair is traded at 1.0958 level after another rejection from the 1.0990 static resistance. The price has rallied in yesterday's session as the USDX has dropped aggressively.
EUR/USD has decreased today only because the dollar index has rebounded, but you should know that the pair will increase again if the USDX will resume the bearish movement. The buyers are very strong and the bullish pressure is high as the price has failed to come back down to reach and retest the 1.0777 level.
EUR/USD is pressuring the median line (ML) of the descending pitchfork, I've said in my analysis that the pair will register an important increase and will reverse if it will make a valid breakout above median line (ML) and above the 1.1 psychological level.
The bearish pressure was high as long as the price was traded below the median line (ML), EUR/USD is challenging the 1.0990 static resistance as well, so a valid breakout from the range between 1.0990 and above the median line (ML) will confirm an increase towards the 1.1200 - 1.1215 area.
You can see that the price has decreased after the last false breakout above the mentioned resistance levels, but it has failed to stabilize below the PP (1.0905) level and now it seems determined to break out from this extended range and to give birth to an important upside movement.
We may have a buying opportunity after a valid breakout (close and retest) above the median line (ML) and above the 1.0990 - 1.1000 area. The first target is seen at the 1.1200 level, the upper median line (UML) could be used as a target as well. A long opportunity could be considered around 1.1030 level, the Stop Loss could be hidden below the 1.0870 low.
Another false breakout with huge separation above the median line (ML), pin bar/bearish engulfing, will signal another drop and maybe a downside breakout from the current range. Personally, I really hope that we'll have a clear direction and a fresh trading signal soon. The US Dollar Index is very heavy in the short term, so the EUR/USD is under bullish pressure right now.
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