EUR/USD Continuation Or Reversal?

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EUR/USD is drops at the moment of writing after failing to make new higher highs. The outlook is bullish, so the pair could still increase as long as it stays above 1.2067 and above the uptrend line.

It could only come back to test and retest these downside obstacles before starting to increase again. Staying above the uptrend line may signal that EUR/USD could develop a new upside movement.

Personally, I believe that EUR/USD will reverse, it will develop a larger decline, only if it drops below the uptrend line and under 1.2003 static support.

Trading Conclusion!

EUR/USD could increase again if it stays above the uptrend line and if it comes back above the 1.2110 level. 1.2200 psychological level is still seen as a potential upside target.

Dropping below the uptrend line and under 1.2000 is seen as a selling opportunity.

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

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