Overview:
- The EUR/USD pair broke resistance which turned to strong support at the level of 1.0613. The level of 1.0613 coincides with 23.6% of Fibonacci, which is expected to act as major support today. Since the trend is above the 23.6% Fibonacci level, the market is still in an uptrend. From this point, the EUR/USD pair is continuing in a bullish trend from the new support of 1.0613. Currently, the price is in a bullish channel. According to the previous events, we expect the EUR/USD pair to move between 1.0613 and 1.0720. On the H1 chart, resistance is seen at the levels of 1.0720 and 1.0768. Also, it should be noticed that, the level of 1.0672 represents the daily pivot point. Therefore, strong support will be formed at the level of 1.0613 providing a clear signal to buy with the targets seen at 1.0672. If the trend breaks the support at 1.0672 (pivot) the pair will move upwards continuing the development of the bullish trend to the levels 1.0720 and 1.0768 in order to test the daily resistance 2 in coming days. However, stop loss is to be placed below the level of 1.0660.
