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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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EUR/USD More Upside In View!

EUR/USD dropped a little in the short term to retest the immediate support levels. The US Dollar Index seems overbought in the short term, so a potential decline should force the pair to increase.

Technically, EUR/USD was somehow expected to increase after the last sell-off. Still, we'll have to wait for a fresh trading opportunity as the price is in a neutral zone right now.

The price has dropped today as the Euro-zone Industrial Production decreased by 0.3% as expected and also because the DXY has increased. Tomorrow, the US Prelim UoM Consumer Sentiment and the Euro-zone Trade Balance could bring some action on EUR/USD.

EUR/USD Found Strong Support

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EUR/USD has come back to retest the 50% Fibonacci line and now is struggling to increase. The S1 (1.1708) is seen as critical support, a drop below this level could invalidate a bullish scenario.

In the short term, EUR/USD could move sideways before capturing enough bullish energy. A potential accumulation here could attract more buyers which could lead the rate higher.

Outlook

Making a valid breakout through the 1.1769 could signal further growth in the short term towards the 1.1850 level.

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