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EUR/USD is struggling to stay higher even if the price has developed a bearish engulfing pattern on the Daily chart. It is trading at 1.1788 level and it continues to pressure the near-term major resistance levels.
The pair has managed to recover today after the last two session's drop as the US Dollar Index has slipped lower. The reversal pattern was confirmed by yesterday's bearish candle, but a corrective phase is far from being confirmed.
EUR/USD has come back higher to test and retest the 1.1800 psychological level and the 250% Fibonacci line of the descending pitchfork. A valid breakout above the 1.18 and above the 250% line will invalidate a potential reversal, downside movement.
Though, another false breakout or another rejection from the mentioned resistance levels will attract more sellers which will drive the pair down in the short term.
Buy EUR/USD if it closes again and consolidates above the 1.18 level, the first upside target is at the 1.1909 former highs, while the second goal will be at the R1 (1.2060) level.
Sell a false breakout with great separation above the 1.18 and above the 250% line, or a drop and close below the 1.1752 today's low. The first downside obstacle is at the Pivot Point (1.1623) level, the warning line (WL1) could attract the price as well.
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