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EUR/USD upside was confirmed by yesterday's session, the price is trading at 1.1100 and is expected to approach the 1.1200 psychological area soon. The pair is drifting higher as the dollar index dropped like a rock.
The USDX is almost certain that it will reach the 98.00 level, that's why EUR/USD is expected to increase further. EUR/USD rallied as the US Prelim GDP contracted by 5.0%, whereas analysts had forecast a 4.8% slump. The US is to release important data today as well, so EUR/USD could be boosted by poor figures.
EUR/USD has crossed above the R1 (1.1084) static resistance, a stabilization above this obstacle will signal a further increase towards the 1.1200 level in the first instance. I've told you in my previous analysis that a valid breakout above the median line (ML) and above the 1.1 will validate a significant increase and a potential reversal.
Yesterday's poor data have pushed the price higher without a consolidation, but if you'll take a look at the H4 chart, you'll notice that the price has retested the 1.0990 broken resistance. Technically, EUR/USD is somehow expected to increase by more than 200 pips in the short term as a result of the range upside breakout.
The upper median line (UML) could attract the price as well if the USDX continues to weaken in the upcoming days. A minor decrease will give us another chance to go long and to catch the current upside swing.
We had a great long opportunity from 1.1030 level after the price has climbed above the 1.1016 high, EUR/USD has reached the first target at R1 (1.1084) level, a retest of the broken level could bring another long opportunity.
If you are not long already, maybe it will be better to wait for a retreat before you go long. The next upside target is seen at the 1.1200 - 1.1215 area, near the R2 (1.1217) level, the upper median line (UML) is seen as a major dynamic target as well.
EUR/USD is strongly bullish, so we cannot talk about a short opportunity at this moment, a minor decrease could appear only if today's candle closes below the R1 (1.1084). So, a false breakout and a pin bar will signal a bearish momentum back towards 1.1.
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