EUR/USD False Breakdown?

EUR/USD is trading in the red at the 1.2184 level as the US Dollar Index tries to increase again. It remains to see what will really happen as the rate continues to pressure the immediate uptrend line.

Staying under 1.22 and stabilizing below the uptrend line could signal a deeper decline. On the other hand, registering a new higher high after Friday's engulfing, pin bar, could announce further growth.

The US is to release high-impact data during the week. The NFP, Average Hourly Earnings, Unemployment Rate, ISM Services PMI, Unemployment Claims, ADP Non-Farm Employment Claims, and the ISM Manufacturing PMI could change the sentiment.

EUR/USD Under Massive Pressure!

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EUR/USD erased its temporary losses and now is trading back above the uptrend line. Jumping and stabilizing above the weekly pivot point (1.2197) level could signal potential growth.

Registering a new higher high, closing above the 1.2214 level is seen as a potential buying opportunity. Its failure to reach the weekly S1 (1.2127) or to close near Friday's low of 1.2132 could signal a bullish movement towards the R1 (1.2261).

EUR/USD Forecast!

A bullish closure above 1.2214 high on the H4 chart may announce a potential growth towards the R1 (1.2261).

The material has been provided by InstaForex Company - www.instaforex.com

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