EUR/USD is bullish and it could resume its upwards movement as the DXY is berish after poor US retail sales data. The pair has decreased a little after reaching the 1.2168 level, today’s high, but the bulls are still in the game.
The outlook is bullish after making new highs in the short term. EUR/USD is located in the buyer’s territory, so more gains are favored.
Technical Analysis!
EUR/USD tries to jump higher after retesting the weekly pivot point (1.2125) level. We had a sharp sell-off in the last hours only because the US dollar index has rebounded to retest the weekly pivot.
Stabilizing above 1.2150 static resistance could indicate that EUR/USD may resume its growth towards the 1.2170 resistance zone. Passing and closing above 1.2168 today’s high on the H4 chart may signal a further upwards move towards the weekly R1 (1.2200).
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