Overview:
The EUR/USD pair fell from the level of 1.0934 to bottom at 1.0878 since last week.
Today, the EUR/USD pair has faced strong support at the level of 1.0934 .
So, the strong support has been already faced at the level of 1.0934 and the pair is likely to try to approach it in order to test it again and form a double bottom.
The EUR/USD pair is continuing to trade in a bullish trend from the new support level of 1.0934; to form a bullish channel. According to the previous events, we expect the pair to move between 1.0934 and 1.0878.
Also, it should be noted major resistance is seen at 1.0969, while immediate resistance is found at 1.0934. Then, we may anticipate potential testing of 1.0934 to take place soon.
Moreover, if the pair succeeds in passing through the level of 1.0934, the market will indicate a bullish opportunity above the level of 1.0934. A breakout of that target will move the pair further upwards to 1.0969.
Buy orders are recommended above the area of 1.0878 with the first target at the level of 1.0934; and continue towards 1.0969.
On the other hand, if a breakout takes place at the resistance level of 1.0854, then this scenario may become invalidated.
The material has been provided by InstaForex Company – www.instaforex.com
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