EUR/USD Poised To Jump Higher?|KOL Analysis•Olimpiu Tuns

EUR/USD is traded higher at 1.1862 level and it seems determined to resume its upwards movement. USDXs drop helps the pair to jump towards new highs. A valid breakout above the immediate upside obstacles could bring a great long opportunity.

USD is vulnerable after the FOMC, it remains to see how it will react later today a the Fed Chair Powell will deliver a speach along with the rest of the FOMC bord members , about rule-making for the Community Reinvestment Act.

● EUR/USD Upside Validated Again!

Thursday‘s false breakdown below the 1.18 and below the channel’s support confirmed a potential rally. The warning line (WL2) is seen as strong resistance, so only a valid breakout will really suggest buying.

I believe that the next few days are decisive for USDs future. As you already know from my analyses, EUR/USD could activate a sell-off, corrective phase only it it drops below 1.17. The pair is bullish, but you have to be careful because another false breakout with great separation above the second warning line (WL2) could change the sentiment.

EUR/USD is trapped between the 250% Fibonacci line and the WL2. Technically, its failure to reach and retest the 250% Fibonacci line suggests strong buyers in the short term. Unfortunately, the potential Head & Shoulders pattern was invalidated by the most recent false breakdown below the nea-term support levels.

1.2 static resistance could be taken out if the rate registers a valid breakout above the second warning line (WL2). On the other hand, making a new lower low suggests selling.

● USDX Undecided!

The dollar index is traded in the red but it continues to stay above 92.55 level which is seen as critical support. A drop below this level confirms a deeper drop and USDs further depreciation.

On the other hand, a failure to reach this level or a fasle breakdown below it could push the index higher again. Still, only a valid breakout above the upper median line (UML) could signal a bullish reversal.

EUR/USD and the USDX could register a significant movements after Powells testifies and after the Euro-zone and the US manufacturing and services data.

● XAU/USD Needs a bullish spark!

Gold continues to move sidways within the symmetrical triangle. We need to wait for a valid breakout before taking action. An upside breakout suggests buying while a downside breakout signals a drop at least till the $1,900 level.

A USD‘s further decline could push the yellow metal way higher. I believe that only a strong USDX’s rally could force the rate to drop again. A larger corrective phase could be activated by a potential dropa below the upper median line (UML).

{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 / Trader / Trainer / Portfolio Manager.

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