EUR/USD Eyeing More Gains!| KOL Analysis•Olimpiu Tuns

EUR/USD is strongly bullish on the Daily chart, the greenback crashes as the USDX has accelerated its sell-off. The pair has passed above the near-term resistance levels, so it is expected to climb higher.

EUR/USD is traded at 1.1527 level, it has decreased a little from 1.1547 todays high, but the current drop could be only a temporary one, maybe the rate will come back down to retest the broken 1.1495 level before it will move higher again.

The Euro rallies after the EU Economic Summit, the leaders have reached a €750 billion coronavirus recovery deal on Monday. The USD is into a corrective phase as the US Dollar Index has resumed its downside movement.

The US is to release the HPI indicator which is expected to increase by 0.3% and the Existing Home Sales, the economic indicator could jump from 3.91M to 4.77M in June, but I dont believe that will bring a significant change on EUR/USD.

● USDX Deep In The Negative Territory!

EUR/USD is strongly bullish on the Daily chart, the greenback crashes as the USDX has accelerated its sell-off. The pair has passed above the near-term resistance levels, so it is expected to climb higher.

The USDX has plunged aggressively after closing below the 96.00 psychological level, Ive said in my previous analysis that the index will resume its downside movement if it will make a valid breakdown below the 96.00 critical support.

Technically, USDX was expected to drop further after it has escaped from the former minor range, after the failure to reach the upper median line (UML), and after it has failed to stay within the minor ascending pitchforks body.

The US Dollar Index is traded at 95.23 level, the next downside targets are seen at the 50% Fibonacci line of the major descending pitchfork and at the 94.65 static support. A USDXs further decline will push EUR/USD higher in the short term, we have a strong negative correlation between these two instruments. Only a USDX strong rebound could force EUR/USD to drop again.

● EUR/USD Towards Fresh New Highs!

EUR/USD has managed to take out the 1.1495 static resistance, so the next upside target is seen at the first warning line (WL1) of the descending pitchfork. The pair was expected to increase further after the valid breakout above the upper median line (UML) of the descending pitchfork.

The aggressive breakout through the 1.1350 level and above the outside sliding line (SL) has confirmed that the bulls are very strong on the Daily chart and that EUR/USD will reach fresh new highs.

A potential consolidation right above the 1.1495 broken resistance will bring another long opportunity with a first target at the warning line (WL1). EUR/USD will approach and reach the warning line (WL1) if the USDX will drop deeper.

It remains to see how EUR/USD will react when it will reach the warning line (WL1), a valid breakout will validate a further upside movement towards 1.17, 1.18 levels, while a reversal pattern right on the WL1 could signal that the rally is finished and that EUR/USD could develop a corrective phase in the short term.

EUR/USD is strongly bullish, the pair is expected to reach new highs, so it is premature to talk about a potential drop/corrective phase. Now, you could still search for buying opportunities if EUR/USD stabilizes above 1.1495 level.

[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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