EUR/USD dropped and now it has reached and retested a support area. Technically, the pair is somehow expected to increase as the DXY is at resistance. Still, it remains to see how the price will react after the US data will be released today.
The US data could shake the market in the short term, intraday. EUR/USD increases right now only because the DXY plunged in the last hours. Some poor US data reported today could lift EUR/USD.
EUR/USD H4 Technical Analysis!
EUR/USD registered only false breakdowns with great separation through the weekly pivot (1.2183) signaling a potential rebound. It has also registered a false breakdown with great separation below the immediate uptrend line confirming strong demand.
The outlook is still bullish as long as it stays above the uptrend line. Its failure to stabilize under the weekly pivot point could attract more buyers in the short term.
Conclusion!
Staying above the weekly pivot point (1.2183) and above the uptrend line could bring an upside momentum in the short term.
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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