EUR/USD has decreased within a descending channel on the H4 chart, it has found strong support (demand) at 1.1611 level and now it has managed to escape from the down channel pattern signaling further growth.

The price has retested the broken downtrend line and now is determined to approach and reach the 1.1900 psychological level. A breakout and stabilization above this obstacle suggest buying as EUR/USD is expected to approach new highs.

  • EUR/USD Trading Conclusion

Passing above 1.1900 could activate a buying opportunity with an immediate upside target at the 1.2000 psychological level. EUR/USD will develop a larger upside movement if the price jumps above 1.2.

The material has been provided by InstaForex Company –

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