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EUR/USD downtrend seems over

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EUR/USD upside reversal

As you can see on the H4 chart, EUR/USD failed to resume its downtrend signaling that the sellers are exhausted. Its breakout above the downtrend line signaled that the buyers have taken the lead.

Technically, when the price jumps and stabilizes above a downtrend line, it signals that we may have an upside reversal. In the short term, EUR/USD could come back to test and retest the former high of 1.1576 or the former lows before jumping higher.

EUR/USD trading conclusion

Technically, when the rate jumps above a downtrend line, it could come back to test and retest the downtrend line before resuming its growth. So, a temporary decline could help the buyers to buy the retreat from the lows.

EUR/USD could increase as long as it stays above the downtrend line and above 1.1527 lower low.

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