The currency pair is bullish and is expected to reach new highs if it takes out the immediate upside obstacles. The USD could lose more ground versus its rivals in the short-term as the US retail sales data have disappointed in yesterday's session.
The Retail Sales indicator rose only by 0.3%, less compared to the 0.5% estimate, while the Core Retail Sales increased by 0.3%, versus 0.6% expected. The bullish pressure is high, so an upside breakout and continuation is imminent.
EUR/USD Upside Continuation!
EUR/USD is pressuring the extended range's resistance and is almost to hit the 1.1900 psychological level. A valid breakout above this obstacle suggests buying as the pair should resume its bullish momentum.
As I've just told you in my previous analysis, its failure to come back down towards 1.17 or lower towards the 1.1611 static support signals strong buyers and a potential upside breakout.
- EUR/USD Trading Setup
A long opportunity will be activated if EUR/USD makes a new higher high, if it closes and stabilizes above the R1 (1.1921) level. R3 (1.2096) could be used as an upside target.
The bullish scenario could be invalidated by a major bearish engulfing printed on the 1.19 level or by a false breakout with huge separation.
