EUR/USD has managed to jump way above the 1.22 psychological level as expected. I've told you in my analysis that the price should resume its uptrend as long its stays above the black uptrend line.
The failure to reach and retest the uptrend line suggested a sharp growth in the short term. EUR/USD has increased as much as 1.2272 level and now it has decreased a little but the bias remains bullish, the rate could approach 1.23 soon.
Technically, the price could come back down to retest the 1.2200 before resuming the uptrend.
- EUR/USD Trading Conclusion
The current decline could be only a temporary one. This could help us to catch a new upside momentum. Jumping above 1.2272 represents a buying signal as EUR/USD could continue to increase beyond 1.23.
1.24 psychological level could represent an important upside target if the uptrend remains intact.
