FX.co ★ EUR/USD Temporary Retreat?

EUR/USD is traded lower at 1.1792 level, but this could be only a temporary decline. The rate has managed to jump and stabilize above the downtrend line signaling a potential leg higher, upwards movement.

It has decreased to test the former high before resuming the swing higher. The critical support stands at 1.17 psychological level, so the bias will remain bullish as long EUR/USD is traded above it.

The next upside targets are seen at 1.19 and 1.2 levels. A new higher high, jump above 1.1831 could bring a long, buying, opportunity.

• EUR/USD Trading Tips

Buy if EUR/USD reaches the 1.1840 level. The immediate target is represented by the 1.19 psychological level.

Sell from below 1.17 with a downside target at 1.14 psychological level.