EUR/USD Still Bullish! | F.X Daily Analysis•Olimpiu Tuns

EUR/USD has rallied in the early morning and now is traded at 1.1258 level, the dollar has lost ground again as the USDX has plunged today. The pair continues to move sideways in the short term, it is trapped between two critical levels, a valid breakout will give us a chance to take action as well.

The mixed US data and the better than expected figures from the Euro-zone in the last week have kept EUR/USD higher, so the perspective remains bullish, despite the minor decrease. Today, the United States Pending Home Sales could bring more volatility, the indicator is expected to increase by 18.9% in May, after the 21.8% drop in April.

The USD remains under pressure as long as the USDX is traded below the upper median line (UML) of the descending pitchfork. The index has managed to rebound in the short term, it has increased within a minor up channel, but the minor pattern could be a continuation one if the rate will register a valid downside breakout.

USDX is challenging the S1 (97.36) level, only a valid breakout above it, stabilization, will confirm a potential further growth and the EUR/USD drop. Personally, I believe that a valid breakout above the upper median line (UML) will announce a reversal, a larger upside movement, this scenario will bring a larger drop on the EUR/USD.

Still, a USDXs bearish momentum will boost the EUR/USD which will climb towards fresh new highs in the upcoming period. The US Dollar Index is still bullish in the short term as long as it is traded within the minor ascending channel, a larger drop will be confirmed only after a valid breakdown below the S2 - 96.00 area.

EUR/USD was rejected by the 1.1200 psychological level and now it could touch the upper median line (UML) of the descending pitchfork again. The pair moves sideways, it has developed a minor pattern on the Daily chart, so maybe you should wait for a valid breakout from this a triangle before you will consider going long or short on this pair.

An upside breakout and a valid breakout above the upper median line (UML) will signal a further increase, this scenario will bring another long opportunity, while a downside breakout and a valid breakdown below the 1.1200 will announce a broader corrective phase.

Todays rally could be only temporary if the USDX will jump higher, EUR/USD has violated the 1.1240 level and the R1 (1.1243), a false breakout above these levels today will signal a potential downside breakout and a larger drop. Also, another lower low, a drop below the 1.1167 will confirm a drop towards the 1.1 level.

The upper median line (UML) represents a very strong dynamic resistance, another false breakout will send the rate down as well. If you want to go long, maybe you should wait for a valid breakout above the 38.2% level and above the R2 (1.1383) level to be certain that EUR/USD will resume its upside movement.

[About The Author]

Olimpiu Tuns

is a seasoned market analyst / trader / trainer on the financial

markets with expertise in forex, cryptocurrencies, commodities, futures,

options, index, CFD for more than 8 years. He is also a famous blogger

in both technical and fundamental analysis, trading signals, trade

setups, etc.

He

has worked as a Market Analyst / Consultant for three major Brokerage

companies, Admiral Markets, MultiBank Exchange Group and InstaForex

(live webinars, market analysis, educational materials, video analysis,

video tutorials, ghostwriting, content creator), as a Social Media

Manager and as a Financial Markets & Crypto Analyst / Contributor

for very important news portals/blogs (investing.com, benzinga.com, forexalchemy.com actionforex.com, countingpips.com), websites, educational platforms (Forex.Academy, Forex.Today), independent clients, etc.

Olimpiu Tuns currently works as a Financial Markets & Crypto Analyst / Signal Provider / Trader / Trainer.

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