It seems that the retreat was only a temporary one after the failure to stabilize right below the 1.18 level. The pair edges higher as the USDX is trading in the red again. EUR/USD holds within the buyer's territory, so the bullish outlook is intact.
The next few days could be decisive for EUR/USD, a drop below 1.17 will suggest selling, while another higher high will suggest buying. It depends on USDX's development, the index is still under pressure in the short term.
EUR/USD has bounced off 250% Fibonacci line and now is traded at 1.1835 level, right below the Pivot Point (1.1838) level. As you already know from my latest analysis, EUR/USD could still resume its upside movement, uptrend, as long as it stays above the 250% Fibonacci line and above 1.18 level.
A valid breakout (jump and close) above R1 (1.1921) and above WL2 will definitively confirm a larger growth.
- EUR/USD Trading Tips
Sell below 1.17 level having downside targets at 1.1495 and lower at 1.1348 level.
Buy EUR/USD if the price will pass over and stabilizes above the second warning line (WL2), the first upside target is spotted at the R3 (1.2133) level.
