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Overview :

  • The EUR/USD pair will continue to rise from the level of 1.1761. The support is found at the level of 1.1761, which represents the 23.6% Fibonacci retracement level in the H1 time frame.
  • The price is likely to form a double bottom. Today, the major support is seen at 1.1761, while immediate resistance is seen at 1.1825.
  • Accordingly, the EUR/USD pair is showing signs of strength following a breakout of a high at 1.1800.
  • So, buy above the level of 1.1800 with the first target at 1.1825 in order to test the daily resistance 1 and move further to 1.0027.
  • Also, the level of 1.1854 is a good place to take profit because it will form a new double top. The the level of 1.1854, which represents the 61.8%
  • Amid the previous events, the pair is still in an uptrend; for that we expect the EUR/USD pair to climb from 1.1761 to 1.1854 today.
  • However, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1761, a further decline to 1.1703 can occur, which would indicate a bearish market.

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

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