FX.co ★ EUR/USD Heading Towards 1.2 Psychological Level

EUR/USD is expected to resume its upside movement after closing above the former high. The price is located in the buyer's territory, so it should approach and reach fresh new highs and obstacles.

Yesterday's US data failed to help the greenback to appreciate and to stay higher, USDX's further drop should push EUR/USD higher in the short term. Technically, the pair is bullish, so we could still search for long opportunities.

EUR/USD Strongly Bullish!

EUR/USD has finally managed to close above the 1.19 psychological level and to make a new higher high confirming further growth. Now the pair is trying to get back above the median line (ml) of the ascending pitchfork which represents a bullish signal as well.

Stabilizing above the median line (ml) signals a potential increase at least till the 1.2 level or even higher towards the upper median line (uml) of the ascending pitchfork. EUR/USD has escaped from the extended range, so technically, the growth should be an important one in the upcoming period.

• EUR/USD Trading Tips

Closing above the R2 (1.1934) and the median line (ml) could represent a long opportunity with upside targets at 1.2 and higher at 1.21 levels.