FX.co ★ EUR/USD Swing Grows Higher

EUR/USD has managed to break above the downtrend line, so it could extend this upwards movement. The price is traded at the 1.1872 level, a former high. A jump and stabilization above the 1.1900 psychological level could attract more buyers.

The failure to drop below the 1.1611 lower low has signaled that the EUR/USD correction is over and that the buyers will take the lead again. Also, the price was unable to stabilize under the 1.17 psychological level indicating strong buyers.

I believe that the outlook will remain bullish as long EUR/USD remains above the 1.17 level. The pair was only into a minor corrective phase, then it retreated and now goes higher again.

• EUR/USD Trading Conclusion

Buy from above 1.1900 psychological level and use 1.2 as an immediate target. We could also have a long opportunity if the rate comes down to retest the broken downtrend line. A broader upside movement will be validated and indicated by a jump and stabilization above the 1.2000 level.