20.10.202317:37 Forex Analysis & Reviews: EUR/USD: upside reversal possible

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The EUR/USD pair seems undecided in the short term. It's located at 1.0588 at the time of writing. The price action signaled exhausted sellers and announced a potential reversal. Still, a larger growth is far from being confirmed. The greenback depreciated also after Fed Chair Powell's speech yesterday.

Also, the US reported mixed figures in the last session. Today, Canadian Retail Sales came in better than expected, while Core Retail Sales came in better than expected but worse compared to the previous reporting period.

EUR/USD Range Formation!

The EUR/USD pair is trapped between 1.0616 and 1.0556 levels. Only escaping from this range could bring us new opportunities.

As you can see on the H1 chart, the price jumped above the downtrend line signaling a potential reversal. Still, it's located within an up channel as well.

EUR/USD Outlook!

A new higher high, a bullish closure above 1.0616 activates further growth. This is seen as a buying opportunity. An upside continuation could be invalidated if the rate comes back below the downtrend line and if it drops below the minor uptrend line.

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