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Overview :

  • The EUR/USD pair is going to continue to rise from the level of 1.1926 in the long term. It should be noted that the support is established at the level of 1.1931 which represents the 61.8% Fibonacci retracement level on the H1 chart.
  • The price 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 1.1967.
  • So, buy above the level of 1.1967 with the first target at 1.1990 in order to test the daily resistance 1 and further to 1.2021. Also, it might be noted that the level of 1.2061 is a good place to take profit because it will form a double top.
  • Also, it should be noticed that the double top is set at 1.2061. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours
  • The level of 1.1926 represents a weekly pivot point for that it is acting as minor support this week. Furthermore, the EUR/USD pair is continuing to trade in a bullish trend from the new support level of 1.1926.
  • Currently, the price is in a bullish channel. According to the previous events, we expect the EUR/USD pair to move between 1.1926 and 1.2061.
  • On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1863, a further decline to 1.1801 can occur which would indicate a bearish market.

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

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