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The pair has been consolidating since a pullback from 4/8 Murrey Math Level happened. Previously, 1/8 MM Level has acted as support pushing the price higher. Super Trend Lines have formed a 'Bullish Cross' little later on. It may bring more evidence for the outlook. Thus, a reverse has likely to take place, that's why we're about to have the price even higher in the short term. However, the current local downward correction might be continued before the pait hit new highs.
In this case, we should monitor the 3/8 MM Level and Daily Super Trend Line as a potential target for the ongoing correction. The subsequent pullback from these levels could be a starting point for another bullish rally. Firstly, the price should fixate above 4/8 MM Level just to confirm that bulls are coming back into the market. If this happens, there'll be a green light to have an advance in the direction of 6/8 MM Level. If this level turns out to be broken, all eyes will be at 7/8 MM Level as the next target.
The bottom line is that EUR/USD is getting bullish. The current sideways price movement is likely a local correction before we have the pair higher. It's essential to see the market above 4/8 MM Level as confirmation for this scenario. Additionally, if the pair breaks Super Trend Lines, the bullish outlook will be under pressure.
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