Overview :

The EUR/USD pair sets on major support right now for that we remain bullish. Price is starting to bounce nicely off our major support area starting from 1.1740. The EUR/USD pair moved higher and closed the day in positive area around the 1.1740-1.1757 levels. The EUR/USD pair will probably continue to rise from the level of 1.1740-1.1757 in the long term. It should be noted that the support is established at the level of 1.1757 which represents the 61.8% Fibonacci retracement level on the H1 chart.

The price (1.1757) is likely to form a double bottom in the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.1740-1.1757. We expect to see a strong reaction off this level to push price up towards 1.1828 before 1.1757 support. RSI (14) sees a bullish way out of our ascending support-turned-resistance line signalling that we’ll likely be seeing some bearish momentum between the levels of 1.1828 – 1.1757. This suggests the pair will possibly go up in coming hours.

A daily closure above .1828 allows the pair to make a quick bullish movement towards the next resistance level around 1.1868. However, traders should watch for any signs of bearish rejection that occur around 1.1828 – 1.1755. The pivot point stands at 1.1755. The pair is trading above its pivot point. It is likely to trade in a higher range as long as it remains above the pivot point. Long positions are recommended with the first target at 1.1868. A break of that target will move the pair further downwards to 1.1909. Today, the price is in a bearish channel now as long as the trend is still set above the spot of 1.1755. Amid the previous events, the pair is still in an uptrend.

The EUR/USD pair is continuing in a bullish trend from the new support of 1.1755. Buy above the level of 1.1757 with the first target at 1.1868 in order to test the daily resistance 1 and further to 1.1909. Also, it might be noted that the level of 1.1909 is a good place to take profit because it will form a new double top. On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1757, a further decline to 1.1642 can occur which would indicate a bearish market.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.