The EUR/USD pair fell from the level of 1.0830 to bottom at 1.0761 yesterday. Today, the EUR/USD pair has faced strong support at the level of 1.0761. But, the strong support has already faced at the level of 1.0700 and the pair is likely to try to approach it in order to test it again and form a double bottom.
Hence, the EUR/USD pair is continuing to trade in a bullish trend from the new support level of 1.0761; to form a bullish channel. According to the previous events, we expect the pair to move between 1.0830 and 1.0700.
Also, it should be noted major resistance is seen at 1.0873, while immediate resistance is found at 1.0830. Then, we may anticipate potential testing of 1.0761 to take place soon.
Moreover, if the pair succeeds in passing through the level of 1.0761, the market will indicate a bearish opportunity below the level of 1.0761. A breakout of that target will move the pair further downwards to 1.0700.
Sell orders are recommended above the area of 1.0761 with the first target at the level of 1.0700; and continue towards 1.0650.
On the other hand, if the EUR/USD pair fails to break out through the support level of 1.0761; the market will rise further to the level of 1.0873 (daily resistance 2).
The material has been provided by InstaForex Company – www.instaforex.com
Overview :
The EUR/USD pair fell from the level of 1.0830 to bottom at 1.0761 yesterday. Today, the EUR/USD pair has faced strong support at the level of 1.0761. But, the strong support has already faced at the level of 1.0700 and the pair is likely to try to approach it in order to test it again and form a double bottom.
Hence, the EUR/USD pair is continuing to trade in a bullish trend from the new support level of 1.0761; to form a bullish channel. According to the previous events, we expect the pair to move between 1.0830 and 1.0700.
Also, it should be noted major resistance is seen at 1.0873, while immediate resistance is found at 1.0830. Then, we may anticipate potential testing of 1.0761 to take place soon.
Moreover, if the pair succeeds in passing through the level of 1.0761, the market will indicate a bearish opportunity below the level of 1.0761. A breakout of that target will move the pair further downwards to 1.0700.
Sell orders are recommended above the area of 1.0761 with the first target at the level of 1.0700; and continue towards 1.0650.
On the other hand, if the EUR/USD pair fails to break out through the support level of 1.0761; the market will rise further to the level of 1.0873 (daily resistance 2).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: