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EUR/USD seems undecided in the short term, it has developed a range pattern, so a breakout from this formation will bring a great opportunity to go long or short, it depends on the breakout direction.
The price continues to move sideways as the traders are waiting for the US data, I believe that the economic figures will bring a clear direction on EUR/USD. Unfortunately, the USDX remains under selling pressure, that's why the greenback is susceptible to further drops.
EUR/USD has decreased a little to retest the 1.18 level and maybe the 250% Fibonacci line, an upside valid breakout from the extended range will suggest buying. This scenario will take shape if the US Dollar Index reaches new lows.
The pair is trading above the Pivot Point (1.1798) level, the failure to reach the S1 (1.1680) in the last attempts has signaled a bullish momentum at least till the R1 (1.1900) level.
Buy EUR/USD if the quote makes a valid breakout (close and stabilize) above the 1.1900 - 1.1916 area, the next upside targets are seen at the 1.2000, and higher at R3 (1.2121) level.
A downside valid breakout from this range, below 1.1695 and below S1 (1.1680) will suggest selling with targets at S2 (1.1578), and lower at S3 (1.1459) levels.
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