Overview :

  • The EUR/USD pair continues to move upwards from the level of 1.1937.
  • Today, the first support level is currently seen at 0.6678, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.6678, which coincides with the 61.8% Fibonacci retracement level.
  • This support has been rejected several times confirming the veracity of an uptrend this week.
  • According to the previous events, we expect the EUR/USD pair to trade between 1.1937 and 1.2059. So, the support stands at 1.1937, while daily resistance is found at 1.2059.
  • Therefore, the market is likely to show signs of a bullish trend around the spot of 1.1937. In other words, buy orders are recommended above the spot of 1.1937 with the first target at the level of 1.1993; and continue towards 1.2059.
  • On the other hand, if the EUR/USD pair fails to break through the resistance level of 1.2059 today, the market will decline further to 1.1937.
  • Forecast :
  • We expect the EUR/USD pair to continue moving in the bullish trend from the support level of 1.1937 towards the target level of 1.2059. If the pair succeeds in passing through the level of 1.2059, the market will indicate the bullish opportunity above the level of 1.2059 so as to reach the second target at 1.2109. At the same time, if the EUR/USD pair is able to break out the level of 1.1896, the market will decline further to 1.1738(daily support 2).

The material has been provided by InstaForex Company –

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