Overview:
- The EUR/USD pair's resistance was broken and turned into support around the price of 1.1305 yesterday. The new support is coinciding with the ratio of 38.2% Fibonacci retracement levels. Therefore, the pair is going to form strong support at the that level. Moreover, after it failed to close below 50% Fibonacci retracement levels (1.1408), the pair started showing signs of a bullish market at this level (1.1408). Consequently, upside momentum is rather convincing and the structure of the fall does look not corrective to indicate the bearish opportunity above 1.1408. For that, it will be a good decision to buy above the price of 1.1408 with the first target of 1.1450 (the daily pivot point has set at the level of 1.1442) and it will call for an uptrend in order to continue with bullish movement towards 1.1481 for testing the ratio of 61.8% Fibonacci. However, the price has still been moving between 1.1480 and 1.1408.
