empty
17.11.2023 06:15 PM
EUR/USD: upside continuation pattern

The EUR/USD pair continues to move sideways in the short term as the Dollar Index is ranging as well. It's located at 1.0883 at the time of writing and it seems determined to extend its growth. The bias is bullish in the short term, so further growth is favored.

Fundamentally, the Eurozone Current Account came in better than expected while Final CPI and Final Core CPI matched expectations. On the other hand, the US Building Permits and Housing Starts came in better than expected but the USD remains bearish after the US reported poor economic data in the last trading session.

EUR/USD Range Formation!

This image is no longer relevant

As you can see on the H1 chart, the currency pair is trapped between the 1.0887 and 1.0831 levels. Escaping from this pattern could bring us new trading opportunities.

After the last rally, a retreat was natural, but the last false breakdown with great separation below 1.0831 announced strong upside pressure. The bias remains bullish as long as it stays above the ascending pitchfork's lower median line (lml).

EUR/USD Outlook!

A new higher high, a bullish closure above today's high of 1.0892 activates further growth and is seen as a bullish signal.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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

Recommended Stories

GBP/USD. Analysis and Forecast

Today, the GBP/USD pair is pulling back from yesterday's bullish impulse. The retracement is supported by the modest strength of the U.S. dollar. From a technical standpoint, the pair

Irina Yanina 19:28 2025-05-07 UTC+2

Trading Signals for GOLD (XAU/USD) for May 7-9, 2025: buy above $3,360 (21 SMA - 8/8 Murray)

Early in the American session, gold is trading around 3,382, rebounding after reaching a low of 3,359 during the opening session. A strong technical rebound suggests a rally

Dimitrios Zappas 17:49 2025-05-07 UTC+2

Forex forecast 07/05/2025: EUR/USD, USDX, SP500, Gold and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 11:04 2025-05-07 UTC+2

EUR/USD – May 7th: Bulls Are Reversing the Trend

On Tuesday, the EUR/USD pair reversed in favor of the euro and rose to the resistance zone of 1.1374–1.1383. A rebound from this zone triggered a decline in favor

Samir Klishi 10:56 2025-05-07 UTC+2

GBP/USD – May 7th: Global Uncertainty and the FOMC

On the hourly chart, the GBP/USD pair on Tuesday reversed in favor of the British pound and closed above the resistance zone of 1.3344–1.3357. Therefore, a rebound from this zone

Samir Klishi 10:52 2025-05-07 UTC+2

Technical Analysis of Intraday Price Movement Natural Gas Commodity Instrument, Wednesday May 07, 2025.

On the 4-hour chart, the Natural Gas commodity instrument appears to have a bearish 123 pattern followed by a bearish Ross Hook (RH) plus confirmation that the price movement

Arief Makmur 07:43 2025-05-07 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday May 07, 2025.

If we look at the 4-hour chart of the AUD/JPY cross currency pair, we will see a Descending Broadening Wedge pattern where this pattern gives an indication that

Arief Makmur 07:43 2025-05-07 UTC+2

Trading Signals for EUR/USD for May 6-8, 2025: sell below 1.1370 (200 EMA - 6/8 Murray)

Technically, the euro is exhausted. So, the bearish outlook could remain valid as long as ER/USD settles below 1.1370. It could then reach the 200 EMA located at 1.08

Dimitrios Zappas 17:50 2025-05-06 UTC+2

Trading Signals for GOLD (XAU/USD) for May 6-8, 2025: sell below $3,405 (21 SMA - 8/8 Murray)

Early in the American session, gold is trading around 3,381, retreating after reaching a high around 3,397. Gold as a safe-haven asset is nervous due to geopolitical tensions around

Dimitrios Zappas 17:49 2025-05-06 UTC+2

Forex forecast 06/05/2025: EUR/USD, GBP/USD, Gold, Oil, SP500, NASDAQ and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 11:16 2025-05-06 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.