FX.co ★ EUR/USD Strong Demand Above 1.0630!

The EUR/USD pair is trading in the green at 1.0643 at the time of writing. The price dropped a little in the short term and it has reached a strong demand zone. Still, larger growth is far from being confirmed.

The United States reported mixed data in the last trading session. The Goods Trade Balance, HPI, and the S&P/CS Composite-20 HPI exceeded expectations, while Prelim Wholesale Inventories reported poor data.

The US Pending Home Sales could move the EUR/USD later today. The economic indicator could remain in the negative territory, it could report a 0.9% drop. In addition, the Richmond Manufacturing Index will be published as well.

EUR/USD Accumulates More Bullish Energy!

Technically, the EUR/USD pair dropped after failing to stabilize above the 1.0662 key resistance and now it has found strong support at 1.0630. I've told you in my previous analysis that the currency pair could only test and retest this level before coming back higher.

The next upside target is represented by the weekly R1 (1.0660). The level of 1.0660 remains a major resistance.

EUR/USD Forecast!

A valid breakout above 1.0662 and a touch of a new higher high may activate a further upside movement and could be seen as a buying opportunity.