The EUR/USD pair is traded at the 1.1642 level at the moment of writing. It has decreased a little after reaching the 1.1661 level. Now, this level which is the former high is seen as an upside obstacle. The price needs to jump and stabilize above it to be able to confirm further growth.
In the short term, a temporary decline was expected after its most recent rally. As long as it stays above the uptrend line, the EUR/USD could resume its swing higher. Failing to come back to test and retest the uptrend line may signal imminent upside momentum.
EUR/USD Trading Conclusion
The EUR/USD has decreased a little but the outlook remains bullish, and the pair could still increase despite a minor retreat. Jumping above the 1.1661 high is seen as a potential buying opportunity with an immediate upside target at the 1.1700 psychological level.
The material has been provided by InstaForex Company - www.instaforex.com