Technical analysis of EUR/USD for September 24, 2015

Overview:

• The EUR/USD pair brake out resistance and turned support around the level of 1.1104. Therefore, the pair has already formed strong support at the level of 1.1104. Also it should be noted that minor support was found at the level of 1.1104. The same level represents the double bottom on the H1 chart. Moreover, after it failed to close below these levels and the pair started indicating bullish market in this area. Moreover, the RSI and last strong support (around the double bottom at 1.1104) are still calling for an uptrend at this spot. So, the pair will call for upside momentum rather convincing and the structure of a rise does not look corrective, in order to indicate the bullish opportunity above the level of 1.1150. For that, it will be a good sign to buy at 1.1150 with the first target at 1.1282. It will continue its bullish rally towards 1.1324 (the weekly pivot point). The ratio of 61.8% Fibonacci retracement levels is coinciding with 1.1324. However, the price is going to move between 1.1150 and 1.1324; for that, we expect a range of 174 pips in coming hours.

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