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Overview :

The EUR/USD pair broke resistance which turned to strong support at the level of 1.2080 yesterday.

The level of 1.2080 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 1.2080 and 1.2100.

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 1.2080 (horizontal blue line).

So, the market is likely to show signs of a bullish trend around the spot of 1.2080/1.2100.

The EUR/USD pair set above strong support at the level of 1.2080, which coincides with the 61.8% Fibonacci retracement level.

This support has been rejected for four times confirming uptrend veracity. Hence, major support is seen at the level of 1.2080 because the trend is still showing strength above it.

Accordingly, the pair is still in the uptrend from the area of 1.2080 and 1.2100. The EUR/USD pair is trading in a bullish trend from the last support line of 0.6582 towards the first resistance level at 0.6676 in order to test it.

This is confirmed by the Moving Average (100) indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 1.2100 and further to the level of 1.2175.

The level of 1.2175 will act as second resistance and the double top is already set at the point of 1.2175.

Moreover, if the pair succeeds in passing through the level of 1.2175, the market will indicate a bullish opportunity above the level of 1.2175. A breakout of that target will move the pair further upwards to 1.2220.

Buy orders are recommended above the area of 1.2100 with the first target at the level of 1.2175; and continue towards 1.2220. The third resiistance has already set at 1.2262.

On the other hand, if the EUR/USD pair fails to break through the resistance level of 1.2175 today, the market will decline further to 1.2080. The pair is expected to drop lower towards at least 1.2080 with a view to test the daily pivot point. Also, it should be noted that the weekly pivot point will act as minor support today.

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

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