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EUR/USD has decreased a little after the most recent rally but the outlook is still bullish. The price is trading above the black uptrend line, so it could approach and reach fresh new highs soon.

The pair failed to retest the 1.19 psychological level signaling strong buyers in the short term. The next target is represented by the 1.2 level. Passing and stabilizing above this upside obstacle suggests potentially strong growth in the upcoming period.

The bullish bias remains intact as long as EUR/USD stays above the uptrend line. Only a drop below it and through the 1.19 again could invalidate further increase.

  • EUR/USD Trading Conclusion

A new higher high, jump above 1.2000 could bring a new buying signal. So, we could go long if EUR/USD reaches the 1.2010 level. The first upside target is at the 1.21 psychological level.

The material has been provided by InstaForex Company – www.instaforex.com

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