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EUR/USD has rallied in the current week and now has reached a very strong resistance zone. The dollar was into a corrective phase in the short term as the Dollar Index has plunged way below the 100.00 psychological level.
The eurozone and the US Manufacturing and Services data will bring a strong momentum today and maybe will offer a trading opportunity. EUR/USD is trapped within an extended sideways movement, the direction is still uncertain, but I really hope that today's fundamentals will force a breakout and will give us a clear direction.
EUR/USD has bounced back after another failure to take out the 1.0777 level, and now has reached the 1.1 psychological level and the median line (ML) of the descending pitchfork. A valid breakout above the 1.1000 and above the median line (ML) will signal a significant increase, so we could go long if these obstacles will be ignored.
You should be careful because EUR/USD is trading near the resistance zone. A false breakout, pin bar or bearish engulfing, will signal another bearish momentum and most likely a downside breakout.
Long after a valid breakout above the median line (ML) and above the 1.1 level, if the price closes and stabilizes above, the next targets are seen at the 1.1200 - 1.1215 area and at the upper median line (UML).
As I've said earlier, a false breakout with great separation from this range, above 1.1, and above the median line (ML) will signal another drop and a downside valid breakout from this pattern. We'll have a short opportunity also after a valid breakdown below the 1.0777 static support, if this scenario takes shape, the 1.0653 and the lower median line (LML) could be used as downside targets.
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