EUR/USD has decreased a little today to retest the weekly pivot point and now it seems determined to resume its growth. The bias is bullish as the DXY is bearish. DXY’s further decline signals that the US dollar should depreciate versus its rivals.
The pair could resume its growth after some poor US data reported on Friday. Technically, we still have to wait for a bullish confirmation before considering going higher again. EUR/USD slipped lower within a minor channel, so a valid upside breakout may signal continuation.
EUR/USD H4 Chart Technical Analysis!
EUR/USD rallied after retesting the weekly pivot (1.2125) level and now is pressuring 1.2150 static resistance. Its failure to stabilize under the downtrend line signaled a new leg higher.
The price is located far above the uptrend line, so the bias is bullish. It has registered only a false breakdown below 1.2079 level static support invalidating a larger decline.
Conclusion
EUR/USD is bullish after poor US retail sales data. The weekly pivot point retest followed by a new higher high could activate a further upwards movement.
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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