FX.co ★ EUR/USD: temporary decline could be over soon

EUR/USD New Upside Momnentum?

The EUR/USD pair dropped a little after registering strong upwards movement. A temporary decline was somehow expected. As long as it stays above the 1.1388 and 1.1366 former highs, EUR/USD could still resume its upwards movement towarda 1.1500 psychological level.

In the short term, it could only test and retest the broken obstacles, the resistance levels turned into support. You already knew from my analyses that, the currency pair could develop an upside reversal if it escapes from the range pattern between 1.1238 and 1.1366 levels.

EUR/USD Trading Conclusion!

After the most recent growth, a minor retreat was natural. In my opinion, only dropping and stabilizing below 1.1366 could invalidate an upside continuation. The current decline could be over if the rate stays above the immediate downside obstacles (1.1388, 1.1366).