FX.co ★ EUR/USD: uptrend intact

EUR/USD Temporary Drop!

The EUR/USD pair dropped after reaching the 1.0744 level. It was trading at 1.0662 at the time of writing above 1.0626 former high and above the uptrend line. These are seen as downside obsatcles.

Technically, as long as it stands above the uptrend line, EUR/USD could resume its uptrend anytime. In the short term, it could come back to test and retest the 1.0626 level and the uptrend line. Only dropping and stabilizing below the uptrend line may invalidate an upside continuation and could bring new selling opportunities.

EUR/USD Trading Conclusion!

Testing and retesting 1.0626 and the uptrend line could announce a new upside momentum. This scenario could bring new buying opportunities with the first upside target at 1.0744.