EUR/USD drops aggressively on the H4 chart as the US Dollar Index rallies again. The pair could activate the correction phase if the quote drops and stabilizes under the 1.17 psychological level.
Still, it is premature to talk about a deeper drop as long EUR/USD is trading above the red downtrend line and under the 1.17 static obstacle. The downside will be confirmed if EUR/USD trades for 2, 3 sessions under the 1.1695 level.
- EUR/USD Trading Tips
Buy EUR/USD only if the rate increase when passing above the 1.1840 level. 1.1900 and 1.2000 are seen as short-term upside targets.
Sell if the price touches the 1.1660 level with downside targets at 1.1500 and 1.1400 psychological levels.
The material has been provided by InstaForex Company — www.instaforex.com