EUR/USD Needs Bullish Spark
EUR/USD slips lower ahead of the US inflation data. It has changed a little at the start of the week, but I really believe that the economic figures could bring life on this pair. The CPI and the Core CPI are expected to increase by 0.2% in September, versus 0.4% in August.
The pair stays higher even if the ZEW Economic Sentiment dropped from 73.0 to 52.3 points, below 72.0 estimates, and the German ZEW Economic Sentiment was reported lower at 56.1, versus 74.1 expected.
EUR/USD failed to stabilize above 1.18 in the most recent attempt. Still, the bias is bullish if the pair stays above the second warning line (wl2) and above 1.1753 static support. I believe that a new higher high could signal further growth.
That’s why we have to wait for confirmation before taking action. Only a drop and stabilization below 1.1694 static support could invalidate the bullish continuation.
- EUR/USD Trading Tips
Buy a new higher high, jump above 1.1831 using the R2 (1.1912) and the R3 (1.1993) levels as upside targets.
Sell a drop below 1.1694 with a potential downside target at 1.1495 level.
The material has been provided by InstaForex Company – www.instaforex.com