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EUR/USD is trading at 1.1221 level and is waiting for a bearish spark after the failure to reach and retest a near-term dynamic resistance. The USDX's rally has pushed EUR/USD lower again, but we still need confirmation before we could consider going short on this pair.
The pair is trading within a critical support area, only another lower low will validate a broader corrective phase in the short term. The eurozone CPI figures and the US fundamentals will bring more action on EUR/USD, I really hope that we'll have a clear direction soon.
You can see on the Daily chart that, EUR/USD has failed to close above the 1.1239 static resistance in yesterday's session, today, it was almost to hit the 1.1200 psychological level again. I still believe that a valid breakdown below the 1.1200 will announce a further drop after the failure to retest the upper median line (UML).
The upper median line (UML) represents a very strong dynamic resistance, the failure to retest it in the last attempt has signaled a bearish pressure on the Daily chart, but I believe that only another lower low will really confirm a further decline.
A drop and stabilization below the 1.1167 will add a short opportunity on the table, the 1.1000 level is seen as a first potential downside target. The Stop Loss could be hidden above the previous high.
On the other hand, EUR/USD could resume its upwards movement if it will make a valid breakout above the upper median line (UML). EUR/USD moves sideways in the short term, it has developed a triangle, a breakout from this pattern will bring a trading opportunity soon as the pair cannot move like this forever.
A larger bullish momentum will be confirmed only if EUR/USD closes and consolidates above the R2 (1.1283) level. The pair has failed to approach and reach this level again, that's why a further drop is favored.
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