EUR/USD In The Buyers Territory Ahead ECB!| KOL Analysis•Olimpiu Tuns

EUR/USD is traded at 1.1403 level after the failure to close above the 1.1422 former high, but you should know that the bullish outlook remains intact. The pair has decreased a little today as the USD was boosted by the USDXs rebound from the 96.00 psychological level.

EUR/USD has increased as much as 1.1452 in yesterday‘s session, it has closed the session at 1.1393, signaling a small overbought in the short term. Yesterday’s candle has announced a potential retreat, EUR/USD could come down to test and retest the broken levels before it will move higher.

The USD was expected to strike back after the better than expected figures reported yesterday, the Industrial Production has increased by 5.4%, more compared to the 4.5% estimate, the Capacity Utilization Rate has increased from 65.1% to 68.6%, beating the 67.9% forecast, while the Empire State Manufacturing Index was reported at 17.2 points, higher versus 10.0 points expectations.

The USD could rebound and it could recover in the short term if todays US data will come in line with expectations or better, the Retail Sales indicator is expected to increase by 5.0% in June, while the Core Retail Sales could register a 5.0% growth as well. The Unemployment Claims could drop from 1314K to 1250K in the previous week, the Business Inventories could drop by 2.3%, which it could be good for the greenback.

Still, you should keep an eye on the economic calendar today as the ECB will publish it Main Refinancing Rate, the rate is expected to remain steady at 0.00% level, but the Monetary Policy Statement and the ECB Press Conference could shake the markets and could drive EUR/USD.

● USDX Hovers Above Critical Support Area!

USDX has registered another false breakdown below the 96.00 psychological level and now is trading in the green again. A larger rebound will push EUR/USD down in the short term, while a valid breakdown below the 96.00 level and a further drop will boost the currency pair which will approach and reach fresh new highs.

Today could be crucial for the dollar, this is a great moment for the USDX to give birth to another leg higher because a valid breakdown below the support zone will validate the USDs further decline versus its rivals. I want to remind you that only a valid breakout above the upper median line (UML) will confirm a reversal on the USDX.

● EUR/USD Still Bullish!

EUR/USD is trading in the red on the Daily chart, it is pressuring the R1 (1.1404) and the 1.1400 psychological level, a minor drop could be understandable after the last rally. Technically, the aggressive breakout above the sliding line (SL) of the descending pitchfork and above the 1.1348 ranges resistance has confirmed a further growth.

The price could come back to test and retest the broken levels before it will resume its upside movement. The R1 (1.1404) and the 1.1422 former high has represented important near-term targets, upside obstacles, so only a valid breakout above these levels will validate a further increase towards the 1.1495 level and towards the first warning line (WL1).

It is premature to talk about a false breakout above the R1 (1.1404), even if yesterdays candle seems to be a Shooting Star, a candle that could signal a reversal, drop, in the short term. Technically, EUR/USD was expected to climb towards the 1.1530 level after the aggressive breakout from the former range pattern.

EUR/USD will be bullish as long as the pair is traded above the outside sliding line (SL), above the upper median line (UML) and above the Pivot Point (1.1252) level. The next major upside targets, resistance levels, are seen at the 1.1495 and higher at the first warning line (WL1).

[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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