EUR/USD Attracts More Buyers!

EUR/USD Attracts More Buyers!

EUR/USD moves sideways in the short term trying to accumulate more buying energy before jumping towards new highs. The pair rallies as the US Dollar Index plunged in the last hours.

EUR is strongly bullish again as the Euro-zone Flash Services PMI and Flash Manufacturing PMI have come in better than expected earlier. The services sector is back in the expansion territory after a long time which is good for the European currency.

EUR/USD H4 Chart Analysis!

EUR/USD has decreased a little to test and retest the ascending pitchfork’s upper median line (uml). Now is almost to reach the weekly R2 (1.2072) static resistance. Jumping and stabilizing above it, registering a new higher high could activate further growth.

It’s trapped between 1.2079 and 1.1999 levels. This range is seen as a continuation pattern, an upside breakout could bring a new long opportunity.

Conclusion!

An upside breakout and a new higher high could signal that EUR/USD could resume its swing higher.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.