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The pair is trading higher at 1.1786 level after ignoring the 1.1753 static resistance. EUR/USD has changed little in the early morning after reaching 1.18 psychological level. The bullish pressure is high in the short term, so a valid breakout above this level validates further growth.
EUR/USD rallied after yesterday better-than-expected eurozone's data. Still, the greenback could strike back versus its rivals if the USDX gives birth to a new bullish momentum as the US ISM Services PMI rose to 57.8, beating the 56.3 estimates.
I told you yesterday that EUR/USD would reach 1.18 and the up sloping line if it closes above 1.1753 level. Technically, the quote was expected to register a deeper drop after the H&S pattern was validated.
The pattern is still intact as long as the pair stays under 1.18 and below the former channel's support. A valid breakout above these levels should activate a strong bullish momentum towards 1.2 psychological level.
USDX could recover and jump higher if it stabilizes somewhere above the 93.50 level. A USDX's drop towards 92.55 support should push EUR/USD up to 1.2.
Buy a valid breakout (close and retest) of 1.18. The 1.2 level and the channel's upside line are seen as targets.
A false breakout with great separation above the immediate resistance levels or a major bearish engulfing suggest selling. Also, a drop under 1.1694 brings a short opportunity with a potential downside target at 1.1495.
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