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09.10.202008:08 Forex Analysis & Reviews: EUR/USD Downside Invalidated

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EUR/USD has violated the downtrend line signaling that the decline, corrective phase, is over and that the pair could approach and reach fresh new highs. It has failed to consolidate under 1.17 level indicating strong buyers in the short term.

I've told you in my previous analyses that EUR/USD will be bearish as long as the price is located under the downtrend line. Now, the sentiment has changed, an increase above 1.18 psychological level confirms further growth.

EUR/USD Trading Tips

You can buy EUR/USD if the price jumps above the 1.1800 level. The immediate target is seen at 1.19, the second one stands at 1.2. A breakout above these obstacles will validate a broader upside movement.

We will have a selling opportunity only if the pair drops under 1.17 again. This scenario is less likely to happen.

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