EUR/USD Forecast

The EUR/USD pair dropped a little within a minor flag. This pattern was seen as a continuation pattern. As you can see, the price has found support, demand, right on the 1.1624 former high. Now it has jumped above the weekly R1 (1.1637) and it challenges the immediate downtrend line.

Making a valid breakout above this dynamic resistance and stabilizing above the R1 could indicate further growth. In the short term, it could climb higher as long as its traded within the ascending channel.

The descending pitchforks upper median line (UML) is seen as a potential upside target if the rate continues to grow. A larger upwards movement could be confirmed if the EUR/USD pair makes a valid breakout above the upper median line (UML).

From the technical point of view, the current decline, retreat, was somehow expected after the last bullish momentum and after reaching the up channels upside line.

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