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The EUR/USD pair will continue to rise from the level of 1.1914. The support is found at the level of 1.1914, which represents the 61.8% Fibonacci retracement level in the H1 time frame.
The Euro rallied significantly on Monday again, as we continue to see the US dollar lose strength. Ultimately, this is a market that is trying to break out. The Euro rallied a bit during the trading session today as we continue to see strength, although in a relatively illiquid environment
The price is likely to form a double bottom. Today, the major support is seen at 1.1914, while immediate resistance is seen at 1.1984. The top price at 1.1984 will be broking in coming minutes.
Accordingly, the EUR/USD pair is showing signs of strength following a breakout of a high at 1.1984. So, buy at the level of 1.1984 with the first target at 1.2019 in order to test the daily resistance 1 and move further to 1.2055.
Also, the level of 1.2055 is a good place to take profit because it will form a double top.
Amid the previous events, the pair is still in an uptrend; for that we expect the EUR/USD pair to climb from 1.1950 to 1.2055 today.
At the same time, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1914, a further decline to 1.1803 can occur, which would indicate a bearish market.
Conclusion :
The EUR/USD pair is technically uptrend, confined to a 1.1914 - 1.2055 range for a third consecutive week. In the 1-hour chart, the pair is between Fibonacci levels and moving averages, with the 100 SMA converging with the 61.8% retracement of its latest daily advance at 1.1914. According to the previous events the price is expected to remain between 1.1944 and 1.2055 levels. Buy-deals are recommended above 1.1944/1.1984 with the first target seen at 1.2019. The movement is likely to resume to the point 1.2019 and further to the point 1.2055. However, if the the price of the EUR/USD pair breaks 1.1914 and closes below it, the market will indicate a bearish opportunity below 1.1914 then the best location to set stop loss should be at the 1.1900 price.
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