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EUR/USD has bee trading in a range above the 1.18 psychological level trying to accumulate more bullish energy before jumping higher. USDX's deeper drop should push EUR/USD higher in the upcoming period.
The greenback has taken a hit from the US New Home Sales data in yesterday's trading session. The economic indicator decreased from 994K to 959K in September, even if the specialists had expected to see an increase to 1,025K.
USD needs strong support from the United States economy to be able to change the sentiment and dominate the currency market. Today, the Durable Goods Orders, Core Durable Goods Orders, and the CB Consumer Confidence could bring high volatility on this pair.
The pair consolidates right above the 1.18 static support and it could resume it upside swing anytime again. The bullish bias remains intact as long EUR/USD stays within the up channel's body.
A new higher high and a valid upside breakout above the channel's resistance suggests further growth towards the 1.2 psychological level. I believe that the upside scenario could be invalidated only by a valid breakdown from the up channel.
Buy an upside valid breakout above the upside line and or a bullish closure above 1.1880. We may have a bullish signal also if EUR/USD makes another false breakdown below the 1.18 psychological level.
Another higher high, jump and close beyond 1.1880 suggests further growth with an immediate upside target at 1.2. I've told you in my analyses that EUR/USD will develop a medium to the long-term upwards movement if the price takes out the 1.2000 level.
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