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29.10.202108:52 Forex Analysis & Reviews: EUR/USD upside continuation expected

The EUR/USD pair registered an amazing rally after the ECB and most important after worse than expected US Advance GDP. The pair have taken out strong resistance levels and now is expected to approach and reach new highs.

In the short term, the pair could drop a little to test and retest the broken levels before resuming its upside journey. Today, the Eurozone and the US are about to publish more significant economic figures.

The German Prelim GDP could register a 2.2% growth versus 1.6% registered in the previous reporting period. Moreover, the CPI Flash Estimate may increase by 3.7% in October versus 3.4% in September, while the Core CPI Flash Estimate is expected to grow by 1.9%.

On the other hand, the US Core PCE Price Index, Chicago PMI, Revised UoM Consumer Sentiment, Personal Spending, Personal Income, Revised UoM Inflation Expectations could bring more volatility later today.

EUR/USD Upside Breakout!

Exchange Rates 29.10.2021 analysis

EUR/USD found support on the weekly S1 (1.1587) and now it has escaped from the descending pitchfork's body. Its breakout through the confluence area formed at the intersection between the upper median line (UML) and 1.1663 signaled that further growth is possible.

It has increased as much as the 1.1692 level where it has found resistance. The weekly R1 (1.1685) stands as a static resistance. In the short term, the EUR/USD could resume its growth after testing and retesting 1.1663 and the upper median line (UML).

EUR/USD Prediction!

The EUR/USD pair could activate an upside continuation, a bullish reversal if it makes a new higher high, after jumping and closing above 1.1692.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert of InstaSpot
© 2007-2025
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