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EUR/USD edges higher after retesting the Pivot Point at 1.1838. It's trading at 1.1870 and aims for the 1.19 psychological level. The FOMC meeting could be decisive tonight. The high volatility should bring great trading opportunities.
The pair is bullish, so we could search for long trading signals if the pair jumps and closes above 1.19 level. Anything could happen around the FOMC meeting, even if the USDX is somehow expected to rebound.
Technically, EUR/USD has returned above the warning line (wl1) after a temporary drop. The rejection from the PP (1.1838) level could send the rate towards the R1 (1.1923) level.
A new higher high and a valid breakout above the R1 represents a great bullish signal. Monday's breakout above the warning line (wl1) was invalidated for now. That's why you need to be very careful because today's rally could be erased if the USDX gives birth to a bullish momentum.
Buy a bullish closure above the R1 (1.1923) level with an immediate target at 1.2 psychological level, at the channel's upside line. The R3 (1.2089) could be used as a second upside target if the upside scenario is validated.
Sell another lower low, drop below 1.1751 level having as target 1.1495 level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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