EUR/USD is at a very interesting zone around the 1.215.
After forming a new high in January, EUR/USD always failed at this zone. After a 3 month bear market, a lot of buying volume came into the market at the important support 1.17. In any case, the price is at a zone where there is a lot of uncertainty in the market. This can be seen from the countless spinnig tops in the past around the 1.215. If the EUR/USD can sustainably exceed this zone, we will very likely see a new high. This also fits with the increasing dollar weakness. Otherwise, I would wait with a long entry until a retest of the 61.8 fibonacci retracement, the 1.21. Today looks very weak, so I think this scenario is not unlikely.
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After forming a new high in January, EUR/USD always failed at this zone. After a 3 month bear market, a lot of buying volume came into the market at the important support 1.17. In any case, the price is at a zone where there is a lot of uncertainty in the market. This can be seen from the countless spinnig tops in the past around the 1.215. If the EUR/USD can sustainably exceed this zone, we will very likely see a new high. This also fits with the increasing dollar weakness. Otherwise, I would wait with a long entry until a retest of the 61.8 fibonacci retracement, the 1.21. Today looks very weak, so I think this scenario is not unlikely.
Trade Safe