EUR/USD Upside Breakout Favored!|KOL Analysis•Olimpiu Tuns

After a temporary decline, EUR/USD seems determined to return to 1,19 psychological level due to the USDXs incapacity to eliminate a dynamic resistance. The dollar index continues to be under massive pressure, a deeper drop will send EUR/USD towards new highs.

The currency pair moves in range according to the Daily chart. Failing to approach and reach 1.17 level, EUR/USD stands inside the buyers territory and confirms once again that the outlook is bullish.

The sentiment could change if the FED Chair Powell delivers a hawkish speech at the Jackson Hole Economic Policy Symposium later in the day. Also, the US data could bring life on EUR/USD in the US session.

Unemployment Claims could drop to 1000K in the previous week, the Prelim GDP is expected to suffer a 32.5% drop, while the Pending Home Sales may increase by 2.5% in July, less versus 16.6% growth in June.

● EUR/USD Bullish Stance Reinforced!

EUR/USD has managed to stabilize above 1.18 level which confirmes that the pair is bullish. The price has retested the 250% Fibonacci line which acts as strong dynamic support and now it tries to return higher.

An upside breakout above the second warning line (WL2) will confirm another upwards momentum. 1.20 level and the 350% Fibonacci line could attract the rate in the weeks to come.

You can sell EUR/USD only from below 1.17 level. A drop below this psychological level, a new lower low will attract more sellers and will confirm a corrective phase.

● GBP/USD Determined To Jump Higher!

The currency pair consolidates above 1.3062 (78.6%) level trying to accumulate more bullish energy before moving higher. It has climbed above 1.3200 level targeting 1.3269 former higher.

As I said in my previous analyses, GBP/USD is bullish as long as it stays above the median line (ML) of the ascending pitchfork and above 78.6% retracement level. Another higher high, jump above 1.3269 validates further growth towards the 100% (1.3513) level.

A selling opportunity is out of the table at the time of writting. Still, you should know that a drop below the median line will suggest selling again.

● GOLD Boosted By USDs Drop!

The price of Gold confirmed the bullish outlook again with yesterdays false breakdown below the 150% Fibonacci line. As you can see on the Daily chart, the yellow metal failed to touch and retest the $1,900 psychological level signaling strong bulls in the short term.

XAU/USD could extend the current range between 1,900 and 2,000 levels. An upside breakout suggests buying with an immediate target at $2,075 historical high. The bullish scenario could be invalidated only by a valid breakdown below $1,900 level and below the upper median line (UML).

A bullish run above $2,000 confirms that the price of gold will resume its upside journey and will signal that it will run for fresh all-time highs. USDs decline helps gold to return higher after the temporary correction.

{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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