- The EUR/USD pair will continue to rise from the level of 1.1378.
- The support is found at the level of 1.1378, which represents the 50% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom.
- Today, the major support is seen at 1.1378, while immediate resistance is seen at 1.1483. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of a high at 1.1442.
- So, buy above the level of 1.1442 with the first target at 1.1483 in order to test the daily resistance 1 and move further to 1.1516.
- Also, the level of 1.1516 is a good place to take profit because it will form a new double top.
- Amid the previous events, the pair is still in an uptrend; for that we expect the EUR/USD pair to climb from 1.1442 to 1.1516 today.
- At the same time, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1402, a further decline to 1.1378 can occur, which would indicate a bearish market.
- This week, the EUR/USD pair is continuing to move in a bullish trend from the new support level of 1.1378, to form a bullish channel.
- Amid the previous events, we expect the pair to move between 1.1378 and 1.1516.
- Buy above the level of 1.1378 or/and 1.1402 with the first target at 1.1483 in order to test the daily resistance 1 - (double top); and further to 1.1516. Nevertheless, if the pair fails to pass through the level of 1.1483, the market will indicate a bearish opportunity below the level of 1.1483. The market will decline further to 1.1402 so as to return to the weekly pivot point. Additionally, a breakout of that target will move the pair further downwards to 1.1378.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Mourad El Keddani,
Analytical expert of InstaForex
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