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EUR/USD Turned To The Upside!

EUR/USD is trading in the green at 1.1887 level and it could resume its growth if the DXY drops deeper. The price action signaled that the downside is limited and that the downside movement is over.

The US is to release the ISM Services PMI and the Final Services PMI later today. On the other hand, the Euro-zone ZEW Economic Sentiment, Retail Sales, and the German ZEW Economic Sentiment could bring strong action soon.

Better-than-expected Eurozone data and poor US metrics could boost EUR/USD. Technically, the bias is bullish in the short term, so it's hard to believe that the sentiment will change.

On the other hand, better-than-expected US data and poor Eurozone data could push the rate down during the day.

EUR/USD Swing Higher!


EUR/USD has found support on the 78.6% and now it is trading above 1.1871 weekly pivot point. Staying above this level signals a potential growth towards the R1 (1.1936). Technically, this scenario is in the cards after its failure to reach the S1 (1.1799) level.

The pair is challenging the 1.1884 former high. Closing above it could really announce more gains ahead. EUR/USD could drop again only if it fails to stabilize above the pivot point.


The false breakdown through the 76.8% level followed by a new higher high could bring a short-term buying opportunity with a first upside target at the R1 (1.1936).

The material has been provided by InstaForex Company -