Overview:
- The EUR/USD pair opened above the support at 1.1458. The EUR/USD pair continues moving upwards from the level of 1.1458. Yesterday, the pair rose from the level of 1.1458 to the top around 1.1485. This week, the first resistance level is seen at 1.1534 followed by 1.1617, while daily support 1 is seen at 1.1376. According to the previous events, the EUR/USD pair is still moving between the levels of 1.1376 and 1.1534. For that we expect a range of 158 pips (1.1376 - 1.1534)in coming two days. If the EUR/USD pair fails to break through the resistance level of 1.1534, the market will decline further to 1.1376. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.1376 with a view to test the pivot point. On the contrary, if a breakout takes place at the resistance level of 1.1534, then the market will continue towards the next objective around the spot of 1.1617.
Intraday technical levels:
- R3: 1.1775
- R2: 1.1617
- R1: 1.1534
- PP: 1.1376
- S1: 1.1293
- S2: 1.1135
- S3: 1.1052
