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EUR/USD Ends Its Temporary Decline!

EUR/USD is trading in the green again after ending its sell-off. It's trading at 1.2198 at the moment of writing and it could resume its growth if the DXY (US Dollar Index) drops further. Technically, the bias is bullish as long as it stays above the immediate uptrend line.

The pair could move sideways in the short term trying to accumulate more bullish energy before resuming its upwards movement. EUR/USD has shown some overbought signs after failing to register a new higher high, to jump and close above 1.2245.

The pair registered an aggressive sell-off after the US data reported on Friday. Only better than expected US data published during the week could help the greenback to increase again in the short term.

EUR/USD Edges Higher!

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EUR/USD found support on the 1.2159 level and now is traded back above the weekly pivot (1.2184). The R1 (1.2241) represents the immediate resistance, the pair could approach this level again if it stabilizes above the weekly pivot.

Its failure to stay under the weekly pivot may signal that it could increase again. The major upside target is seen at the R2 (1,2303) level, around the upper median line (UML).

Outlook!

EUR/USD started to increase again from 1.2159 static support. It could increase towards the R1 (1.2241) after failing to stabilize below the weekly pivot.

Moreover, failing to reach and retest the uptrend line may signal strong buyers in the short term.

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