empty
 
 
12.01.2022 09:54 PM
EUR/USD upside reversal

This image is no longer relevant

EUR/USD aggressive breakout

The EUR/USD pair registered a strong growth after the US reported higher than expected inflation. As you already know from my previous analysis, EUR/USD could develop a strong upwards movement if it makes an upside breakout from the extended range between 1.1366 and 1.1238 levels.

As you can see on the H4 chart, the pair dropped a little after its previous breakout above 1.1366 but it has found strong demand around 1.1280 failing to come back down towards 1.1238 signaling strong buyers.

EUR/USD trading conclusion

The aggressive breakout above 1.1388 former high announced an upside continuation. You already knew from my previous analysis that escaping from an extended range pattern could bring great trading opportunities. After its amazing growth, we cannot exclude a temporary decline before reaching new highs. 1.1500 psychological level and the 1.1526 former low are seen as potential upside targets.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In October we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback