FX.co ★ EUR/USD: uptrend unharmed

EUR/USD Sideways Movement!

The EUR/USD pair is moving sideways in the short term. It's located at 1.0905 at the time of writing. After its strong upside movement, a retreat was natural. Still, the rate could resume its growth as long as it stays above the uptrend line.

Technically, the uptrend line and the former low of 1.0831 represent downside obstacles. On the other hand, the former high of 1.0967 represents an upside obstacle.

EUR/USD Trading Conclusion!

Coming back to test and retest 1.0831 and the uptrend line could bring a new upside movement. This scenario could help the buyers to step in again. Also, jumping above 1.0967 activates an upside continuation and is seen as a buying opportunity.

The upside scenario could be invalidated if the rate drops and stabilizes below the uptrend line.