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EUR/USD Strong Sellers Above 1.22

EUR/USD decreased again after reaching the 1.2244 level. Now is located below the 1.22 psychological level but the bias remains bullish as long as it stays above the immediate uptrend line.

DXY's (USDX) growth in the short term could push EUR/USD even lower. The US is due to release the Unemployment Claims, the Philly Fed Manufacturing Index, and the CB Leading Index.

Better than expected US data may boost the greenback. On the other hand, some poor economic figures could weaken the USD again.

EUR/USD Temporary Decline!

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EUR/USD stands far above the uptrend line, so the bias is still bullish. Unfortunately, it has failed to stay above the R1 (1.2200) but this could still be only a temporary decline.

It has retested the 1.2176 static support and now it could challenge the R1 (1.2200) again. Being rejected from this static support could indicate a potential decline towards the uptrend line.

Outlook!

EUR/USD is bullish, so a bullish fly above 1.2200 followed by a short-term consolidation could validate more gains. Technically, only a valid breakdown below the uptrend line will bring a bearish reversal.

Personally, I would like to see a minor consolidation or a false breakdown below the immediate support levels 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