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EUR/USD Reached Another Upside Target! What Now?

EUR/USD Reached Another Upside Target! What Now?


EUR/USD has opened with a gap down today and now is trading in the red. The price is traded at 1.1761 level, far below 1.1807 yesterday?s high. The perspective is still bullish despite today?s drop, the pair is expected to try to close the current gap and to pressure the 1.1800 psychological level.To get more news about upstox, you can visit wikifx news official website.

??EUR/USD has decreased a little only because the USDX has recovered today. The US Dollar continues to be under massive selling pressure, so the rebound could be temporary. The dollar has continued to drop after the FOMC Meeting, the FED has maintained the monetary policy unchanged, reiterating that they could use the full range of tools to support the US economy to recover after the current health crisis.

??The US Pending Home Sales rose by 16.6% in June, beating the 15.6% estimate, the Prelim Wholesale Inventories, and the Goods Trade Balance have come in better than expected as well, but unfortunately, the USD wasnt impressed.

??The United States Advance GDP will be released today, the indicator could register a 34.5% drop, while the Advance GDP Price Index could increase by 0.0%. Unfortunately, the Unemployment Claims could increase again, from 1416K to 1440K in the previous week, this is not great news for the greenback.

https://wzimg.fx696.com/guoji/2020-07-30/637317249829279214/ART637317249829279214_145482.png-wikifx_articlepic
EUR/USD has reached the 1.1800 level and the 250% Fibonacci line as expected and now has decreased a little. The bias is bullish, so a minor drop could not affect the upside movement.

??Actually, a minor decline could be natural after the impressive rally, EUR/USD could slip lower if the US Dollar Index will increase in the upcoming days. The aggressive breakout above the warning line (WL1) and above the 1.17 level have confirmed growth at least till the 1.18 level.

??I?ve said in yesterday?s article, analysis, that EUR/USD could be attracted by the 250% Fibonacci line if the USDX will hit new lows. The current drop could help us to go long again, EUR/USD stays bullish as long as the rate is traded above the warning line (WL1) and above the 1.1495 static support (resistance has turned into support).

??The upwards movement will resume if EUR/USD will close the gap down, and if it will make a valid breakout above the 1.1800 level and above the 250% Fibonacci line. Another higher high will bring a buying opportunity as the pair will try to approach and reach the second warning line (WL2) of the former descending pitchfork.

??The USDX is bearish, so EUR/USD is bullish, is understandable why we cannot talk about a selling opportunity on EUR/USD yet. Only a reversal on the US Dollar Index or a major reversal pattern on this pair will suggest selling, we are not there at this moment.

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