EUR/USD pair will further increase

Another seven-day period of operations on the open market started yesterday. The European Central Bank does not prevent the euro from rising. The next target to strengthen the EUR/USD pair is the level of 1.1877.

Yesterday's growth in the European session indicates the continuation of the bullish impulse. The cycle of upward movement is continuing for nine consecutive days. If yesterday's operations in the currency market give another impulse for the strengthening of the Euro, then the cycle may extend for 15-20 days. It is important to fix purchases at the level of 1.1877, which was the starting point for a bearish movement in early August.

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The downward movement is more likely to continue after testing the level of 1.1877. Thus, at this stage, the best tactic to develop the upward impulse is to close all buy positions.

The material has been provided by InstaForex Company - www.instaforex.com

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