For Traders

Analytical Reviews

Trend line

23.10.202012:34 Forex Analysis & Reviews: EUR/USD Strongly Bullish

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 is traded at 1.1846 level and it seems strong enough to reach new highs soon. I've told you in my previous analysis that the pair should climb higher again after retesting the 1.17 psychological level and the former downtrend line.

The pair is growing within an up channel, so the bias will remain bullish, EUR/USD could increase further as long as the price is located within this channel. An upside breakout above the channel's upside line and above 1.19 suggest buying again as the pair will continue to increase.

EUR/USD Trading Tips

EUR/USD has decreased a little after reaching the channel's upside line, but this could be only a temporary decline before the price will reach another high. So, a further increase followed by a breakout above the 1.19 level and above the upside line brings us a buying opportunity.

An upside breakout could signal an aggressive and quick rally, growth in the short term. 1.2 psychological level is seen as the first upward target. Passing above this upside obstacle will really validate a broader upside movement.

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.