EUR is currently one of the strongest currencies in the world. On most of the crosses with the EUR we do have positive trading signals. One of the best ones can be seen on the main pair on the forex market – EUR/USD.
The signal to open a long position was triggered here at the end of the last week. On the EUR/USD we do have a combination of few strong bullish factors. First one was a breakout of the down trendline (black), which was strengthened by the inverse head and shoulders pattern (yellow). Down trend was present on the chart since the middle of April and it seems like now sellers are taking a small break. H&S was created in the second week of May and ended with a breakout of the neckline. After that, we used the neckline as a support (blue) and broke the resistance on the 1.1940 (grey). Most recently, we used the second one as a support too, which is a very positive factor and gives hopes for the future. The closest target is the 1.208 (green) and we should get there relatively soon.
The positive sentiment will be denied once the price will come back below the grey area which for now is less likely to happen, especially after today's upswing which pushed the price on the highest levels since the 4th of May.
