For Traders

Analytical Reviews

Trend line

20.10.202011:46 Forex Analysis & Reviews: EUR/USD Extends Its Upside Journey

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD has been rallying aggressively after retesting the 1.17 psychological level, downside obstacle. I've told you in the previous analysis that the pair could rebound from the downtrend line and from the 1.17 level.

Only a drop and stabilization below these support levels would have confirmed a deeper drop. The outlook is bullish, EUR/USD should reach fresh new highs soon. The price has escaped from the minor down channel signaling more gains.

EUR/USD Conclusion & Tips

A new higher high, peak high, should signal a broader growth. So, a breakout, jump above the former high of 1.1831 suggests buying. Let's say that you can buy if EUR/USD reaches the 1.1840 level. The 1.19 and 1.2 levels could be used as immediate upside targets. A breakout through these upside obstacles will validate a larger increase.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.