- 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.
*تعینات کیا مراد ہے مارکیٹ کے تجزیات یہاں ارسال کیے جاتے ہیں جس کا مقصد آپ کی بیداری بڑھانا ہے، لیکن تجارت کرنے کے لئے ہدایات دینا نہیں.
Mourad El Keddani,
انسٹافاریکس کا تجزیاتی ماہر
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