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EUR/USD Ignores Near-Term Obstacles

EUR/USD continues to increase as the USD is punished by the USDX’s massive drop. The pair is expected to reach fresh new highs if the index drops deeper. The pair is trading in the green at 1.1072 level and is about to reach another upside target.

The outlook is bullish as the price has managed to take out another resistance area, EUR/USD has opened with a gap up today signaling that the buyers are very strong. The eurozone manufacturing PMI and the US ISM manufacturing PMI data could bring some action on the EUR/USD pair today.

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EUR/USD has managed to close above the upper median line, above the 50% retracement level, and above the 1.1 psychological level. It has reached the 61.8% retracement level, but the next major target is seen at the first upside warning line (wl1) of the descending pitchfork.

The pair is pressuring the 61.8% level, a valid breakout will signal an increase at least till the first warning line (wl1). The 1.1111 level could represent a target as well, today’s gap has announced a further increase on the short term. I’ve said in the previous week that EUR/USD should jump way higher if it ignores the 1.1 level and the upper median line (uml).

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EUR/USD is expected to resume the upside movement after today’s gap, a potential larger bullish movement could be invalidated only if the price drops and if it closes the gap. The next upside target is seen at the warning line (wl1), the second one is represented by the 1.1111 level.

A valid breakout above the near-term resistance levels could signal a potential increase towards 100% level at 1.1239. This scenario will take shape if the USDX declines deeper.

A potential drop could appear only if the price registers a false breakout with a great separation above the 61.8% level, or above the warning line (wl1).

Материал предоставлен компанией InstaForex — www.instaforex.com

*Представленный анализ рынка носит информативный характер и не является руководством к совершению сделки на валютном рынке форекс гигмаркет.

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