FX.co ★ EUR/USD on rise again

EUR/USD is trading higher at 1.1842 at the time of writing. It means that the pair has resumed its bullish momentum. Friday's rejection from the 1.18 level could help the pair to rise in the short term.

USDX is trying to break through resistance. So, if the US dollar goes through this level, EUR/USD will fall. Personally, I will wait for a strong trading signal before taking action. Anything could happen as long as the quote stays near 1.18 psychological level.

EUR/USD tested again the channel's support level and the upper median line (uml) confirming strong support. It failed to reach the Pivot Point (1.1877) level signaling some bearish pressure.

Actually, the EUR/USD upside is uncertain as long it stays below the Pivot Point and under the first warning line (wl1) of the minor descending pitchfork. Today's session could be decisive if the price makes a valid breakout in any direction.

It is recommended to open short deals if the pair breaks through the upper channel and below the upper median line (UML), while long deals can be opened if the pair breaks above the first warning line (wl1).

• EUR/USD Trading Tips

Sell from below the S1 (1.1743) level or after the rate drops below 1.17. S3 (1.1512) and 1.1495 are seen as downside targets.

EUR/USD moves in a range between 1.1787 and 1.1864 levels, a breakout from this narrow pattern could dictate direction. A valid breakout above the warning line (wl1) confirms further growth way above 1.2.