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Euro / U.S. Dollar
Long

EURUSD → Favorable fundamentals for growth

By RLinda
Updated
EURUSD is strengthening and continues to give signs that the price will continue its rise on the back of a weaker dollar due to weaker GDP than analysts expected.

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On D1, the price is testing the 1.1000 resistance area (important zone). A reversal V-shaped pattern is being formed, followed by numerous retests of the line. The pre-breakdown consolidation and positive fundamental background for the euro are doing their job.
Ahead of us today is CTGO, PCE at 13:30 GMT. It will not play a special role after GDP. Analysts expect the publication of roughly the same data as in the last period (with a slight correction). Indicators higher than expected will positively influence the dollar, while weaker data will strengthen the fall of $
The price is making a breakout attempt. A consolidation of the price above 1.1000 will form a bullish potential, which will be a strong support for the pair.
On H4 the price is still in the range of 1.1017 - 1.0830. Another resistance retest is formed after a small correction. A breakout of the level is expected with subsequent growth to the trend resistance. Moving averages support the market.

Support levels: 1.099, 1.0965, 1.093
Resistance levels: 1.1000, 1.1017

We expect a breakthrough of the above-mentioned area and continuation of the currency pair growth in the framework of the uptrend.

Regards R. Linda!
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On the background of resistance retest, the price breaks this boundary. Consolidation of the price above the level of 1.100 - 1.102 will form a bullish potential.
Fundamental background is favorable.
We continue to wait for further growth to 1.142.
Note
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The realization of the bullish scenario "range resistance breakout" is being formed. Target 1.1142
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Chart PatternsDXYEURUSDFibonacci RetracementFLATForexFundamental AnalysisSupport and ResistanceTrend AnalysisTrend Line BreakZigzag
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