EUR/USD Bulls Seized the Initiative: Potential Price Rise Ahead?

The price of the currency pair EUR/USD broke the short-term downtrend at the end of trading Friday. Should the asset’s price form at least three candles below the broken line, it might potentially rise. The asset might also rebound back to the broken downtrend, gain additional support at the level of 1.0500, and head north. Let’s observe what is about to happen next.Gold broke the downtrend and jumped. Last Friday, gold tested a very strong psychological level of 2000; therefore, the asset’s price is likely to drop and approach one side of the broken downtrend. Next, the price of gold might head up and retest the level of 2000. Only time will tell which scenario is going to work out.The American stock index S&P500 has closely approached the level of 4195, which offers significant support for the current price of this asset and might potentially help it head north. On the other side, the asset can also break this level and drop to the level of 4050. So, let’s observe the price movements and see what the stock index is going to be up to.