The EUR/USD pair retreated a little in the short term but the bias remains bullish. After its last bullish momentum, a temporary retreat was natural. The rate could test and retest the near-term support levels before jumping higher. It is trading at 1.1052 at the time of writing.
Fundamentally, the German Gfk Consumer Climate and the US Durable Goods Orders, Core Durable Goods Orders, and Goods Trade Balance came in better than expected. Still, the currency pair ignored the figures.
Today, the US is to release the Advance GDP, Unemployment Claims, Advance GDP Price Index, and Pending Home Sales. In my opinion, better-than-expected US data could help USD to appreciate.
EUR/USD Upside Continuation
Technically, the currency pair retreated a little trying to retest the broken upper median line (uml) before resuming its growth. The false breakout above 1.1075 signaled a retreat.
It has dropped below the upper median line (uml) but it has failed to stay under this dynamic support, signaling exhausted sellers already and strong upside pressure.
In my opinion, as long as it stays above the weekly R1 (1.1020), the currency pair could resume its growth.
EUR/USD Forecast
Consolidating above 1.1031 and above the upper median line (uml) may be a sign of further growth. Its failure to stay below the upper median line (uml) was seen as a new buying opportunity.
A larger growth could be validated by a new bullish close above 1.1075.
The material has been provided by InstaForex Company – www.instaforex.com
The EUR/USD pair retreated a little in the short term but the bias remains bullish. After its last bullish momentum, a temporary retreat was natural. The rate could test and retest the near-term support levels before jumping higher. It is trading at 1.1052 at the time of writing.
Fundamentally, the German Gfk Consumer Climate and the US Durable Goods Orders, Core Durable Goods Orders, and Goods Trade Balance came in better than expected. Still, the currency pair ignored the figures.
Today, the US is to release the Advance GDP, Unemployment Claims, Advance GDP Price Index, and Pending Home Sales. In my opinion, better-than-expected US data could help USD to appreciate.
EUR/USD Upside Continuation
Technically, the currency pair retreated a little trying to retest the broken upper median line (uml) before resuming its growth. The false breakout above 1.1075 signaled a retreat.
It has dropped below the upper median line (uml) but it has failed to stay under this dynamic support, signaling exhausted sellers already and strong upside pressure.
In my opinion, as long as it stays above the weekly R1 (1.1020), the currency pair could resume its growth.
EUR/USD Forecast
Consolidating above 1.1031 and above the upper median line (uml) may be a sign of further growth. Its failure to stay below the upper median line (uml) was seen as a new buying opportunity.
A larger growth could be validated by a new bullish close above 1.1075.
The material has been provided by InstaForex Company – www.instaforex.com
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