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Overview:

  • The EUR/USD pair continues to rise from the level of 1.1184 in the long term. It should be noted that the support is established at the spot of 1.1106-1.1114, which represents the 61.8% Fibonacci retracement level on the H4 chart. Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend The price is likely to form a double bottom on the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.1240. So, buy above the level of 1.1240 with the first target at 1.1283 in order to test the daily resistance 1 and further to 1.1350. Also, it might be noted that the level of 1.1350 is a good place to take profit because it will form a new double top. However, it would also be safe to consider where to place a stop loss; this should be set above the second resistance of 1.1106. On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1184, a further decline to 1.1106 can occur which would indicate a bearish market.

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Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2017

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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