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EUR/USD Resumes Its Growth Within Upward Channel!

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EUR/USD has increased after retesting 1.2067 static support. I've told you in my previous analyses that the pair may increase again after its last drop as long as it stays above the uptrend line.

Now the pair is trading at around 1.2217 former higher high, which represents a strong resistance. The price has decreased from this area. EUR/USD has passed above this obstacle. Stabilizing above it could really indicate a further growth towards 1.23 and up to the upside line of the ascending channel.

Trading Conclusion!

EUR/USD could move sideways around 1.2217 level. Failing to stay above it could signal a new temporary decline.

Staying above 1.2217 broken level, beyond the former higher high could announce more gains towards 1.2300 psychological level.

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