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Overview:
The EUR/USD pair continues to trade uptrend after hitting a double bottom around last week's low of 1.0926.
The pair rebounded from the bottom of 1.0926 to close at 1.1070. Today, the first support level is seen at 1.1.40, the price is moving in a bullish channel now.
Currently, the EUR/USD pair looks better for buyers but any confirmation of a trend breakout depends on the major resistance which set at the point of 1.1110.
The EUR/USD pair probably will move up to a high of 1.1110. The 1.1110 level and then the 50 day MA at 1.1110 will be the next targets to get to and through. Also, the RSI starts signaling an upnward trend.
If the trend is able to break out through the first resistance level at 1.1110, we should see the market will indicate a bullish opportunity above the strong resistance level of 1.1110 in the H1 chart.
Again, if the trend breaks the support at 1.1110 (double top), the pair will move upwards continuing the development of the bullish trend to the level 1.1150 in order to test the daily resistance 2. The third resistance has already set at the level of 1.1180.
On the contrary, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1040, then a stop loss should be placed at 1.0926.
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