Abstract：EUR/USD is traded at 1.1462 and most likely it will touch fresh new highs soon as the USD is weakened by the USDX’s drop. The Dollar Index is trading in the red, at 95.86, a valid breakdown below the 96.00 psychological level will open the door for a further drop signaling that EUR/USD will jump way higher in the upcoming period.
EUR/USD is traded at 1.1462 and most likely it will touch fresh new highs soon as the USD is weakened by the USDXs drop. The Dollar Index is trading in the red, at 95.86, a valid breakdown below the 96.00 psychological level will open the door for a further drop signaling that EUR/USD will jump way higher in the upcoming period.
The Euro-zone Current Account will be released later, the indicator is expected to increase from 14.4B to 15.2B, but I dont believe that it will have a big impact on the EUR/USD pair. Technically, the currency pair was expected to increase, the greenback continues its corrective phase despite the latest good US economic data.
● USDX Under Massive Selling Pressure!
USDX has increased as much as 96.18 level in the early morning, but it has failed to stay above the 96.00 level and now is traded right below this critical support and below the lower median line (lml) of the minor ascending pitchfork.
A valid breakdown below the 96.00 psychological level and below the lower median line (lml) will validate a further drop in the short term, EUR/USD will jump higher if the US Dollar Index will reach fresh new lows.
Only a false breakdown with huge separation below the lower median line (lml) and below the 96.00 level will announce a potential rally in the short term. The USDX is under pressure after the failure to approach and retest the upper median line (UML) of the major descending pitchfork.
The 95.72 level is seen as strong static support, so it remains to see how it will react when it will touch this level as well, any reversal pattern between the 96.00 and the 95.72 area could send the index higher.
● EUR/USD Towards 1.1495 Static Resistance!
EUR/USD extends its Friday rally, it is traded above the 150% Fibonacci line and is expected to reach the 1.1495 static resistance soon. Ive said in my previous analysis that the pair is still bullish and it should climb higher after the aggressive breakout above the 1.1350 level and above the sliding line (SL).
The pair has decreased a little from the 150% Fibonacci line in the previous week only because the USDX has bounced back from the 96.00 level in the short term. As you can see, EUR/USD has opened with a gap up signaling strong buyers.
A valid breakout above the 150% Fibonacci line and above the 1.1423 could validate a larger increase towards the first warning line (WL1) of the former major descending pitchfork. Still, the 1.1423 - 1.1495 area is seen as strong resistance, but Fridays strong bullish candle has signaled a further growth in the short term.
The current upside movement was announced by the last false breakdown below the 1.1200 psychological level. A potential valid breakdown, stabilization, above the 1.1495 level could bring another long opportunity as EUR/USD will be expected to pass above the first warning line (WL1) and to continue to reach new highs.
[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 / Signal Provider / Trader / Trainer.
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