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The pair is trading in the green today and is about to validate the breakout above a critical dynamic resistance. It is trading at 1.1289, yesterday's drop was only a temporary one as the USDX has rebounded.
EUR/USD should resume the upwards movement if the dollar index drops deeper. Unfortunately, the ISM Non-Manufacturing PMI has failed to save the greenback from the downside.
EUR/USD has managed to close above the upper median line (UML), it has decreased to retest the 23.6% and now is struggling to resume the upside movement. I've said in my previous analysis that a valid breakout above the upper median line (UML) will suggest buying again.
The last false breakdown with great separation below the 1.1200 level has announced a potential valid breakout above the upper median line (UML). EUR/USD should climb towards new highs if the pair closes the day above the upper median line (UML).
If you want to go long, maybe you should wait for another higher high, a jump above the 1.1345 will give you a great chance to buy EUR/USD again, the first target is seen at the 1.1422, while the second target could be represented by the R2 (1.1573) level. Also, a consolidation above the 23.6% level and above the UML will suggest a long opportunity as well.
A short opportunity will appear if the current breakout above the upper median line (UML) is invalidated again. Still, a great selling opportunity will be signaled only by a valid breakdown below the 1.1200 level.
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