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EUR/USD Accelerates Its Growth As Expected!

EUR/USD is trading at the 1.2188 level and it could reach the 1.22 psychological level soon. I told you yesterday that the pair might increase further if the US Dollar Index dropped deeper.

The DXY resumed its sell-off pushing EUR/USD towards fresh new highs. Technically, the US Dollar Index was located deep in the seller's territory, so a further drop was imminent.

Fundamentally, EUR/USD was expected to jump higher, not because the Euro is very strong, but because the US retails sales weakened the greenback.

EUR/USD Reached New Highs!

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Now we have to wait for either a retest of 1.2176 or for a valid breakout above the upside line before considering going long again. The major upside target stands at the upper median line (UML).

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