Price for EUR/USD pair is back to the major resistance right now around the spot of 1.1854 – 1.1880. It is moving in this ascending channel pattern ( bullish). Further close above the high end may cause a rally towards 1.1880. Nonetheless, the weekly resistance level (1.1920) and zone should be considered.
The EUR/USD pair broke the first resistance which turned to strong support at the level of 1.1854 yesterday. The level of 1.1854 is expected to act as major support today.
From this point, we expect the EUR/USD pair to continue moving in a bullish trend from the support levels of 1.1854 and 1.1880. Currently, the price is moving in a bullish channel.
This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Consequently, the first support is set at the level of 1.4257 (horizontal green line).
So, the market is likely to show signs of a bullish trend around the spot of 1.1854/1.1880.
In other words, buy orders are recommended above the spot of 1.1854 or 1.1880 with the first target at the level of 1.1920; and continue towards 1.1962 (the weekly resistance 2).
This would suggest a bearish market because the moving average (100) is still in a positive area and does not show any trend-reversal signs at the moment.
Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
Amid the previous events, the pair is still in a downtrend, because the EUR/USD pair is trading in a bearish trend from the new support line of 1.1854 towards the first resistance level at 1.1962 in order to test it.
On the other hand, if the EUR/USD pair fails to break through the resistance level of 1.1962 this week, the market will decline further to 1.1854 (return to pivot). The pair is expected to drop lower towards at least 1.1854 with a view to test the weekly pivot point. Also, it should be noted that the weekly pivot point will act as major support today.
The material has been provided by InstaForex Company – www.instaforex.com
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