EUR/USD rallies in the short term and it could validate a larger upwards movement soon after making a new higher high. It is trading at the 1.1866 level and aiming for the 1.19000 psychological level.
USDX is going down like a rock again as the US data has disappointed in the previous days. Unfortunately, the CPI and the Core CPI increased only by 0.0%, less than expected, while the Core PPI has registered only a 0.1% growth versus the 0.2% estimate. Moreover, the Prelim UoM Consumer Sentiment dropped unexpectedly from 81.8 to 77.0, even if the traders have expected to see an increase to 82.1.
EUR/USD Strongly Bullish!
EUR/USD is still trapped within a sideways movement, range, but its failure to drop towards the 1.1611 downside line signals an upside breakout and a bullish continuation. The pair has escaped from a down channel, it has retreated a little and now it seems determined to jump above the 1.1920 former high.
A new higher high and a valid breakout above the R1 (1.1921) validated a strong upside movement, swing higher. The false breakdown with great separation below 1.1611 level signals that the downside is over and that EUR/USD should climb higher.
- EUR/USD Trading Conclusion
EUR/USD has found support on the S1 (1.1746) level and now has ignored the PP (1.1833) signaling strong bulls. We could have a great long opportunity if the pair jumps, closes, and stabilizes above the 1.1900 psychological level.
The R3 (1.2096) could be used as an upside target if EUR/USD makes a new higher high. An upside valid breakout could signal an approx 270 pips potential upside movement.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.