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Overview :

  • Intraday bias in the EUR/USD pair stays in a bullish first. Rise from 1.1971 could still extend higher with 1.2121 resistance intact.
  • Above the critical 1.1971 level, the next levels to watch date to April, and include 1.2121, 1.2238 and 1.2270.
  • On the upside, firm break of 1.1971 will suggest that the correction has completed, and bring stronger rise to 1.2121 resistance first.
  • Therefore, strong support will be found at the level of 1.1971 providing a clear signal to buy with a target seen at 1.2121.
  • On the H1 chart. the level of 1.1971 coincides with 50% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. But, major support is seen at the level of 1.1908.
  • If the trend breaks the minor resistance at 1.2121, the pair will move upwards continuing the bullish trend development to the level 1.2121 in order to test the daily resistance 1.
  • The EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.2238 (secnd target).
  • Furthermore, the trend is still showing strength above the moving average (100).
  • 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.
  • Support awaits at the daily low of 1.1908, followed by 1.1830 and 1.1704, which accompanied the pair during its recent ascent.
  • Below 1.1908 support will target 1.1830 key resistance turned support.
  • However, if the EUR/USD pair fails to break through the resistance level of 1.2238 today, the market will decline further to 1.1908.

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

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